PPG acquires Ameron's Performance Coatings & Finishes business
PPG Industries has launched a new business unit, named Protective & Marine coatings, with the acquisition of the Performance Coatings & Finishes business of Ameron International Corporation which was completed on August 1, 2006. The acquisition expands PPG's protective coatings business into Europe, Africa, Middle East and Australia, and it will enable the company to participate in the marine coatings market.
The acquired Ameron's Performance Coatings & Finishes business employs approx. 700 people and had sales of US$210 million in 2005. The purchase price was US$115 million plus working capital adjustment. Ameron Performance Coatings & Finishes operates manufacturing sites in the United States, Europe, Australia and New Zealand, in addition to warehouses and offices around the world. The agreement also includes Ameron's 40-percent ownership in Oasis-Ameron Ltd. in Saudi Arabia.
In Europe the Fiberglass-Composite Pipe Group will remain manufacturing and marketing its products under the name Ameron B.V. PPG's Protective & Marine Coatings group in Europe will be managed by PPG Industries Netherlands B.V.
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