MOSCOW (MRC) -- PPG Industries has agreed to acquire US-based IVC Industrial Coatings for an undisclosed amount, said Chemicals-Technology.
Established in 1870 as Indianapolis Varnish, IVC Industrial produces specialty powder and liquid coatings for various products, including metal office furniture, material handling and storage products, automotive parts, motorcycles, industrial containers and small appliances.
The company operates five manufacturing facilitates in the US, one plant in Guangdong, China, and a small development lab in Manchester, England. It has a workforce of over 300.
IVC Industrial generated revenue of more than USD100m in 2014.
Subject to customary closing conditions, the transaction is expected to be concluded in the third quarter.
PPG global industrial coatings vice-president Shelley Bausch said: "Acquiring IVC, which has a large, global distribution footprint, will strengthen our ability to serve a variety of end-use markets and enhance PPG's supply positions in the US and China.
"The addition of IVC's high-quality products and industry expertise will further enhance PPG's ability to deliver a robust portfolio of industry-leading industrial coatings solutions."
The acquisition comes after PPG reached a definitive agreement to acquire Cuming-Lehman Chambers's subsidiary Cuming Microwave. Cuming Microwave supplies specialty coatings and materials that are used in electronics, telecommunications, medical and automotive segments.
PPG Industries, Inc. (PPG) is a global supplier of protective and decorative coatings. Performance Coatings, Industrial Coatings and Architectural Coatings- EMEA segments supply protective and decorative finishes for customers in a range of end use markets, including industrial equipment, appliances and packaging; factory-finished aluminum extrusions and steel and aluminum. Founded in 1883, PPG has global headquarters in Pittsburgh and operates in nearly 70 countries around the world. Reported net sales in 2014 were USD15.4 billion.
MRC