PPG Acquires Spectra-Tone Paint Corp., Agrees to
Acquire Protec Pty. Ltd.
Thursday August 3, 9:00 am ET
Company Continues to Execute Growth Strategy for Coatings Business
PITTSBURGH--(BUSINESS WIRE)--Aug. 3, 2006--PPG Industries has acquired Spectra-Tone Paint Corporation, San Bernardino, Calif.
Spectra-Tone is an architectural paint and coatings manufacturer distributing products mainly through 22 company-owned service centers in the western United States. Spectra-Tone employs approximately 160 people and has its primary manufacturing location in San Bernardino. PPG operates only three service centers in the geographic areas where Spectra-Tone is present.
In addition, PPG has reached agreement to acquire Protec Pty. Ltd., Adelaide, Australia, and all assets of Fortec Paints Ltd., Protec's New Zealand business. The transaction is expected to close late this month.
Protec is a manufacturer and distributor of automotive refinish coatings, and light industrial and high performance coatings, serving Australia and New Zealand. The company employs approximately 214 people, has one manufacturing facility in Adelaide and operates 14 company-owned service centers.
Terms for these acquisitions were not disclosed.
PPG also completed its previously announced acquisition of the Performance Coatings and Finishes business of Ameron International Corporation, Pasadena, Calif.,. The business employs approximately 700 people, and had sales of US$210 million in 2005. The company operates manufacturing sites in the United States, Europe, Australia and New Zealand, in addition to warehouses and offices around the world.
"We are continuing to implement our growth plan in coatings by making strategic acquisitions," said Rich Alexander, senior vice president, coatings. "Spectra-Tone will enhance our architectural coatings presence in the western United States, Protec will enable us to enhance our position as the technical coatings leader in Australia and New Zealand, and with Ameron's capabilities, we'll have a global presence in protective and marine coatings."
Pittsburgh-based PPG is the world's leading manufacturer of transportation coatings, a global supplier of industrial and packaging coatings, and a leading producer of architectural coatings, primarily in North America. In addition, PPG manufactures flat and fabricated glass, continuous-strand fiber glass and chemicals. Sales were US$10.2 billion for 2005.
Source: PPG Industries, Inc.
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