PPG (NYSE:PPG) today announced that it has reached a definitive agreement to acquire Whitford Worldwide Company (Whitford), a global manufacturer that specializes in low-friction and nonstick coatings for industrial applications and consumer products. The transaction is expected to close in the first quarter 2019, subject to customary closing conditions. Financial terms were not disclosed.
The acquisition of Whitford will allow PPG to further drive value for its customers and shareholders by enhancing our range of product offerings, research and development capabilities, and global market reach in the growing industrial coatings sector, said Michael McGarry, PPG chairman and chief executive officer.
Whitford, a privately held company headquartered in Elverson, Pennsylvania, was founded in 1969. The company specializes in manufacturing low-friction, wear-resistant coatings for industrial applications in automotive, aerospace, energy and construction products. Whitford also makes nonstick coatings for cookware, bakeware and small electric appliances such as toaster ovens, griddles, fry pans and irons. Whitford employs more than 700 people and operates 10 manufacturing facilities located in Elverson, PA, USA; Fostoria, Ohio, USA; Guelph, Ontario, Canada; Runcorn, UK; Brescia, Italy; Sao Paulo, Brazil; Jiangmen, China; Zhuhai, China; Tuas, Singapore; and Bangalore, India.
Joining PPG is a giant step forward for Whitford, added Dave Willis, Whitfords founder and Chairman of the Board. In one fell swoop, we will have access to new technologies, diverse R&D facilities, strong financial support and global coverage in areas where we have wanted to expand, but did not yet have sufficient resources. This is very good news for our customers and our employees.
Whitfords leadership in low-friction and nonstick coatings will provide strategic additions to the robust portfolio of industrial coatings solutions we deliver today, while PPGs research and development organization will leverage Whitfords extensive expertise in fluoropolymer chemistry across the markets we serve, said Tim Knavish, PPG senior vice president, industrial coatings. In addition, Whitfords global footprint and customer-centric, high-touch business model are highly complementary to PPGs business, allowing for a seamless integration process.
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At PPG (NYSE:PPG), we work every day to develop and deliver the paints, coatings and materials that our customers have trusted for 135 years. Through dedication and creativity, we solve our customers biggest challenges, collaborating closely to find the right path forward. With headquarters in Pittsburgh, we operate and innovate in more than 70 countries and reported net sales of $14.7 billion in 2017. We serve customers in construction, consumer products, industrial and transportation markets and aftermarkets. To learn more, visit www.ppg.com.
The forward-looking statements contained herein include statements relating to the timing of and expected benefits of the Whitford Worldwide Company acquisition. Actual events may differ materially from current expectations and are subject to a number of risks and uncertainties, including the satisfaction of the conditions of the acquisition and other risks related to completion of the acquisition and actions related thereto; the parties ability to complete the acquisition on the anticipated terms and schedule, including the ability to obtain regulatory approvals; the ability of PPG to achieve the expected benefits of the acquisition; and the other risks and uncertainties discussed in PPGs periodic reports on Form 10-K and Form 10-Q and its current reports on Form 8-K filed with the Securities and Exchange Commission.
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