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PPG buys ICI unit for $684M
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April 28, 1999: 8:40 a.m. ET
Auto, industrial coatings purchase includes business in U.S., U.K., Asia
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NEW YORK (CNNfn) - PPG Industries, the country's largest auto-paints maker, said Wednesday it will acquire the automotive refinishing and industrial coatings business of Imperial Chemical Industries, a major London-based chemical firm, for $684 million.
The move solidifies Pittsburgh, Pa.-based PPG (PPG)'s already strong presence in the refinishing and coatings area, particularly overseas.
The transaction, subject to regulatory approval, is expected to be completed about mid-year in Europe and the Americas and late 1999 in Asia.
PPG, which already has a 22-country presence, said it will acquire Imperial facilities in England, Malaysia, Indonesia and the U.S. and add 2,850 ICI (ICI) employees to its 32,000 work force. The deal excludes ICI's India operations.
"This acquisition affords us the opportunity to expand businesses that have high priority for growth at PPG," Chairman Raymond LeBoeuf said. "It is an excellent fit within our disciplined strategy for growing our higher-margin, less cyclical businesses."
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Imperial Chemical
PPG
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