MOSCOW (MRC) -- Coatings giant PPG industries Inc. 's ( PPG ) North American architectural coatings business has agreed to buy Masterwork, an independent paint distributor also based in Pittsburgh, said Nasdaq.
The deal is expected to close in the third quarter. However, financial terms of the agreement were not disclosed.
Masterwork operates a 13-store network in western Pennsylvania, Ohio and New York. The addition of Masterwork will strengthen PPG Industries' company-owned stores network. The PPG-owned stores strive to deliver consistent and integrated customer experience.
PPG Industries is taking steps to grow its business inorganically through numerous acquisitions. The acquisition of Akzo Nobel 's ( AKZOY ) North American architectural coatings business has reinforced its branded paint product offerings and scale in the North American architectural paint market.
Moreover, in an effort to strengthen its position in the aerospace industry, PPG Industries acquired specific assets of the privately-held specialty coatings company Deft Incorporated, last year. The recent acquisition of Hi-Temp Coatings Technology also strengthened PPG Industries' protective and marine coatings business.
PPG Industries has a diversified base of products and markets, and is looking for opportunities to grow its businesses strategically along with implementation of cost controlling strategies. It should gain from continual strength across the North American automotive and aerospace market. However, the company remains exposed to factors like the yet to be recovered European market, raw material cost pressure and foreign currency headwinds.
As MRC wrote before, PPG Industries in 2013 announced the closing of the previously announced separation of its commodity chemicals business and merger of its wholly-owned subsidiary, Eagle Spinco Inc., with a subsidiary of Georgia Gulf Corporation.
PPG Industries Inc. is an Americain international company that produces paints, chemicals, optical components, specialty materials, glass and fiber glass. The company consists of more than 150 production units and offices in more than 60 countries. PPG industries is in the list of the top 500 U.S. corporations in terms of sales of. As MRC reported previously, PPG Industries plans to open its first factory in Russia near Tver. As of today, PPG Industries has no production facilities in Russia.
MRC