PPG Signs Agreement to Acquire Barloworld Coatings, Makes Offer for SigmaKalon - Posted 7/25/07
PPG Industries Australia Pty. Ltd., a subsidiary of PPG Industries, has reached agreement to acquire Barloworld Coatings Australia, the architectural paint unit of South African-based Barloworld, Ltd. In a separate transaction, PPG Industries has made an offer to purchase SigmaKalon Group, a worldwide coatings producer based in Uithoorn, Netherlands, from global private investment firm Bain Capital.
PPG Industries Australia Pty. Ltd., a subsidiary of PPG Industries, has reached agreement to acquire Barloworld Coatings Australia, the architectural paint unit of South African-based Barloworld, Ltd., a multinational industrial brand management company. Completion of the acquisition is subject to customary closing conditions, including receipt of required regulatory approvals. Terms were not disclosed.
Barloworld Coatings Australia produces Taubmans, Bristol and White Knight brands of architectural coatings. The company operates two production facilities in Villawood, New South Wales, and Glen Waverley, Victoria. Barloworld’s plant in Glen Waverley will not be acquired by PPG, but will continue to manufacture Barloworld brand products for PPG until production and distribution activities are transferred to other locations.
In a separate transaction, PPG Industries has made an offer to purchase SigmaKalon Group, a worldwide coatings producer based in Uithoorn, Netherlands, from global private investment firm Bain Capital. The total transaction value, including assumed debt, is €2.2 billion. Bain Capital has granted a period of exclusivity to PPG Industries and intends to respond to the offer after discussions with appropriate employee representative bodies. Should Bain Capital accept the offer, the acquisition would be subject to customary conditions, including receipt of regulatory approval.
PPG’s website is at www.ppg.com.
PPG Industries Australia Pty. Ltd., a subsidiary of PPG Industries, has reached agreement to acquire Barloworld Coatings Australia, the architectural paint unit of South African-based Barloworld, Ltd., a multinational industrial brand management company. Completion of the acquisition is subject to customary closing conditions, including receipt of required regulatory approvals. Terms were not disclosed.
Barloworld Coatings Australia produces Taubmans, Bristol and White Knight brands of architectural coatings. The company operates two production facilities in Villawood, New South Wales, and Glen Waverley, Victoria. Barloworld’s plant in Glen Waverley will not be acquired by PPG, but will continue to manufacture Barloworld brand products for PPG until production and distribution activities are transferred to other locations.
In a separate transaction, PPG Industries has made an offer to purchase SigmaKalon Group, a worldwide coatings producer based in Uithoorn, Netherlands, from global private investment firm Bain Capital. The total transaction value, including assumed debt, is €2.2 billion. Bain Capital has granted a period of exclusivity to PPG Industries and intends to respond to the offer after discussions with appropriate employee representative bodies. Should Bain Capital accept the offer, the acquisition would be subject to customary conditions, including receipt of regulatory approval.
PPG’s website is at www.ppg.com.
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