PPG to Acquire Romanian Paint and Coatings Manufacturer
PITTSBURGH - PPG has reached an agreement with the Emerging Europe Accession Fund (EEAF) to acquire DEUTEK S.A., a leading Romanian paint and architectural coatings manufacturer. PPG expects the transaction to close in the first quarter 2017, following the receipt of regulatory approvals and satisfaction of customary closing conditions. Financial terms were not disclosed.
DEUTEK, established in 1993, manufactures and markets a large portfolio of well-known professional and consumer paint brands, including OSKAR and Danke!. The company’s products are sold in more than 120 do-it-yourself stores and 3,500 independent retail outlets in Romania. DEUTEK, which is currently owned by EEAF, reported sales of €30 million in 2015.
“DEUTEK is a well-managed business with a long heritage of excellent customer service and a portfolio of leading, well-recognized brands in Romania,” said Jean-Marie Greindl, PPG Senior Vice President, Global Architectural Coatings, and President, PPG Europe, Middle East and Africa (EMEA). “The acquisition adds the fastest-growing paint brands in Romania, where PPG has only a small presence in architectural coatings.”