PITTSBURGH - PPG Industries has finalized the purchase agreement to acquire European coatings company Dyrup A/S, based in Copenhagen, Denmark, from its owner, Monberg & Thorsen, a public holding company. The final transaction value, including assumed debt, has been set at EUR 115 million ($160 million), based on final due diligence. Both parties have agreed on a closing date of January 5, 2012.
“Once finalized, the acquisition of Dyrup will enable PPG to continue to expand its geographic reach within Europe as well as its product portfolio to include Dyrup’s established strong brands, particularly in wood care products,” said J. Rich Alexander, PPG Executive Vice President who leads all of the company’s architectural coatings businesses. “We look forward to integrating Dyrup and its many highly skilled employees into our European business and to securing the future for Dyrup’s brands and customers.”
Viktor R. Sekmakas, President, PPG Europe, added that the acquisition “will help to grow PPG’s presence in key countries such as Poland, France and Denmark, and to establish PPG in Portugal, Spain and Germany, where PPG today has little or no architectural coatings presence. We look forward to completing the transaction in early January 2012.”
Dyrup, a European producer of architectural coatings and specialty products, had 2010 sales of approximately EUR 190 million ($270 million). It employs about 950 people and operates six manufacturing facilities in Europe. Dyrup’s brands include Bondex, Gori and Xylophene, and its products are sold primarily in Denmark, France, Germany, Portugal, Poland and Spain through professional and do-it-yourself channels.
PPG Finalizes Purchase Agreement for European Coatings Company
October 18, 2011