AMSTERDAM, the Netherlands – Paint and coatings manufacturer AkzoNobel, Amsterdam, the Netherlands, has agreed to sell its North American Decorative Paints business to PPG Industries Inc. (PPG), Pittsburgh, for $1.05 billion.
The acquisition includes all AkzoNobel North American architectural coatings manufacturing and distribution facilities, paint stores, product lines and employees related to the production, sale and distribution of architectural coatings in the United States, Canada and the Caribbean.
The transaction has been approved by the boards of directors of both companies and is expected to close in early second quarter 2013, subject to regulatory approvals. In 2011, the North American Decorative Paints business had revenues of $1.5 billion, around 7 percent of AkzoNobel's total 2011 revenue.
AkzoNobel Decorative Paints in North America has around 5,000 employees and operates eight manufacturing sites. Major brands include Glidden in the United States and Sico in Canada.