PPG Industries completed the major elements of its previously announced acquisition of ICI plc’s automotive-refinish and industrial-coatings businesses in Europe and the Americas.
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.