PPG Industries announced that it has finalized the acquisition of the North American architectural coatings business of Akzo Nobel N.V., Amsterdam, in a deal valued at $1.05 billion.
“We are pleased to have successfully completed this acquisition, the second-largest in our company’s history, as it further extends PPG’s architectural coatings business in the United States, Canada and the Caribbean, and continues the accelerated pace of our business portfolio transformation,” said Charles E. Bunch, PPG chairman and c.e.o. “With this acquisition, PPG has expanded its reach in all three major North American distribution channels, including home centres, independent paint dealers and company-owned paint stores. The company’s product offerings are now available in more than 15,000 outlets across the region.”
AkzoNobel says it will continue to have a strong presence in North America through its performance coatings and specialty chemicals businesses, with combined 2012 revenues of close to $3 billion and around 5,000 employees.