PPG to Purchase European Coatings Company Dyrup
PPG Industries announced the signing of a share purchase agreement to acquire Dyrup A/S, a European coatings company based in Copenhagen, Denmark, from its owner, Monberg & Thorsen, a public holding company. The total transaction value, including assumed debt, is around €135 million ($200 million). The transaction is expected to close in the third quarter of this year, subject to regulatory approvals, customary closing conditions and consultation with appropriate employee representative bodies.
Dyrup is a European producer of architectural coatings, in particular wood stains, and specialty products with 2010 sales of approximately €190 million ($270 million). It employs about 950 people and operates six manufacturing facilities in Europe. Dyrup’s strong portfolio of brands (in particular wood stain and paint), including Bondex, Gori and Xylophene, is sold primarily in Denmark, France, Germany, Portugal, Poland and Spain through professional and do-it-yourself channels.
“The acquisition of Dyrup would expand PPG’s European architectural coatings business by extending our geographic presence in the region and by bolstering our wood care product offerings, an end-user segment where we today have a modest presence,” said Pierre-Marie De Leener, PPG executive vice president, Architectural Coatings – EMEA (Europe, Middle East and Africa), and president, PPG Europe.
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