PPG to Acquire Former Courtaulds Aerospace Business from Akzo Nobel
PITTSBURGH — PPG Industries Inc. announced an agreement to acquire PRC-DeSoto International Inc., formerly Courtaulds Aerospace Inc., from Akzo Nobel N.V. for $512.5 million (U.S.).
PRC-DeSoto, purchased by Akzo Nobel as part of its acquisition last year of Courtaulds plc, is a producer of coatings and sealants for aircraft and sealants for architectural insulating glass units. The business, based in Glendale, CA, operates manufacturing facilities in the United States and Europe, and has annual sales of approximately $240 million (U.S.). The business employs about 1,200 people.
PPG Chairman and CEO Raymond W. LeBoeuf said the acquisition will make PPG a major supplier of coatings and sealants to the aircraft industry. “This acquisition furthers our strategy to invest in core businesses with excellent growth potential and consistent earnings,” he said. PPG’s automotive-sealants business “should also benefit through cross-overs in product applications, and there are obvious marketing, distribution and certification-process synergies with our aircraft products unit,” he said. PPG said it expects to complete the acquisition by the end of July.
PRC-DeSoto manufactures sealants in Glendale, CA, and Shildon, England; coatings and sealants in Mojave, CA; glazing sealants at Gloucester City, NJ; and coatings at Gonfreville, France. The business also operates 14 application-support centers in North America, Europe, Africa, Asia, and Australia, with three more centers planned.