PITTSBURGH - PPG announced that it has reached a definitive agreement to sell the assets of its Mexico-based Plaka plasterboard and cement-board business to Knauf International GmbH. The transaction is expected to close in the first half of 2017, subject to regulatory approvals and other customary closing conditions. Financial terms were not disclosed.
PPG acquired the Plaka business in 2014 as part of its acquisition of Comex S.A. de C.V. Plaka, with approximate sales of $30 million in 2015, manufactures plasterboard, cement board and drywall primarily for the Mexican construction market. The business operates a manufacturing facility in Querétaro, Mexico.