PPG Acquires Coatings Resource Corporation
Tuesday October 16, 9:25 am ET
Company Expands Capabilities in Industrial Coatings
PITTSBURGH--(BUSINESS WIRE)--PPG Industries announced today it has acquired certain assets of Coatings Resource Corporation (CRC), Huntington Beach, Calif. Terms were not disclosed.
CRC produces paints, lacquers and varnishes for use on metal and wood industrial and consumer products, including audio-visual equipment, sporting goods and automotive interiors. It also produces injectable colorants, blowing agents, processing aids, ultraviolet (UV) stabilizers and anti-oxidants used on various types of plastics. CRC operates one manufacturing facility in Huntington Beach and employs approximately 30 people.
The acquired assets include inventory, accounts receivable, key sales and technical personnel, selected equipment, formulations and customer lists. CRC's manufacturing plant in Huntington Beach will not be acquired by PPG but will toll manufacture products for PPG for the foreseeable future.
"This acquisition enables PPG to accelerate growth in key strategic markets for its industrial coatings business," said William Wulfsohn, PPG senior vice president of coatings. "CRC's extensive range of water-based and low-VOC (volatile organic compound) technologies will broaden PPG's existing portfolio of environmentally responsible decorating solutions."
"We are very excited to complete this transaction with PPG," said Jeff Laird, CRC president. "Combining PPG's global reach with CRC's technology will offer a compelling value to the global industrial coatings market."
CRC has supplied global plastic manufacturers with high-quality customized coating solutions for more than 30 years. The company's waterborne technology enables the production of environmentally responsible products that perform to standards previously attained only with solvent-borne technology.
Pittsburgh-based PPG is a global supplier of paints, coatings, chemicals, optical products, specialty materials, glass and fiber glass. The company employs more than 34,000 people and has 125 manufacturing facilities and equity affiliates in more than 25 countries. Sales in 2006 were US$11 billion. PPG shares are traded on the New York and Philadelphia stock exchanges (symbol: PPG).
Source: PPG Industries, Inc.
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