PPG Industries to buy AkzoNobel’s North American architectural coatings business for $1.05 bn
15 Dec 2012
PPG Industries, a US-based specialty chemical company, yesterday agreed to buy the North American architectural coatings business of its Dutch rival, AkzoNobel, for $1.05 billion.
The transaction, which has been approved by the boards of directors of both companies, is expected to close in early second quarter 2013, subject to regulatory approvals.
Under the terms of the deal, Pittsburgh-based PPG said that 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 US, Canada and the Caribbean.
AkzoNobel's North American architectural coatings business operates more than 300 company stores in the US, about 240 in Canada and about 50 in the Caribbean.
The business, which had revenue of around $1.5 billion last year, includes brands like Glidden, Flood, Liquid Nails, Sico, and CIL.
PPG said that it also will license some brands, including Dulux, Devoe, architectural coatings, and Sikkens architectural wood products.
