PPG Completes Purchases of ICI Units, PRC-DeSoto
PITTSBURGH — PPG Industries Inc. completed the major elements of its previously announced acquisition of ICI plc’s automotive-refinish and industrial-coatings businesses in Europe and the Americas. The entire transaction, including the Asian refinish and industrial-coatings businesses to be purchased later this year, is valued at about $684 million (U.S.) and will be the largest in PPG’s 116-year history. The acquired businesses’ 1998 sales were nearly $460 million.
PPG also completed the acquisition of PRC-DeSoto International, formerly Courtaulds Aerospace, from Akzo Nobel for $512 million (U.S.). The business, based in Glendale, CA, is a global supplier of coatings and sealants for aircraft, and sealants for architectural insulating glass. Former PRC-DeSoto President Theodore M. Clark was named general manager of PPG’s aerospace coatings and sealants strategic business unit, formed as a result of the acquisition. Clark, a 25-year PRC veteran, was named president of the company in 1991, and president and CEO in 1996.
PPG also has completed the acquisition of ICI’s OEM specialty coatings business based in Germany. The business produces specialty coatings for trucks and buses, and for rail-car, military, and industrial applications.