PPG Completes Acquisition of Romanian Paint and Coatings Manufacturer DEUTEK
January 05 2017 - 7:11AM
Business Wire
PPG (NYSE:PPG) today announced that it has completed its
acquisition from the Emerging Europe Accession Fund (EEAF) of
DEUTEK S.A., a leading Romanian paint and architectural coatings
manufacturer that reported sales of 30 million euros in 2015.
Financial terms were not disclosed.
DEUTEK manufactures and markets a large portfolio of
professional and consumer paints, including the OSKAR and Danke!
brands. Its products are sold in more than 120 do-it-yourself
stores and 3,500 independent retail outlets in Romania.
“DEUTEK is a well-managed business with a long heritage of
excellent customer service and a portfolio of well-recognized
brands in Romania. The acquisition adds the fastest-growing paint
brands in Romania, where PPG has only a small presence in
architectural coatings,” said Jean-Marie Greindl, PPG senior vice
president, global architectural coatings, and president, PPG EMEA
(Europe, Middle East and Africa). “This important acquisition in
Romania extends our presence in the region and complements our
positions in Poland, Czech Republic, Hungary and Slovakia.”
Deutek CEO Gabriel Enache said, “We have always focused on
building a market-leading position based on trusted brands and
innovative products. This vision is fully shared by PPG, which
supports the management team and its development plans. We are
confident that joining PPG will accelerate our innovation and thus
help us to achieve performance consistent with our vision.”
PPG: WE PROTECT AND BEAUTIFY THE WORLD™
At PPG (NYSE:PPG), we work every day to develop and deliver the
paints, coatings and materials that our customers have trusted for
more than 130 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
$14.8 billion in 2015. We serve customers in construction, consumer
products, industrial and transportation markets and aftermarkets.
To learn more, visit www.ppg.com.
Forward-Looking Statements
Statements in this news release relating to matters that are not
historical facts are forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995 reflecting
the company’s current view with respect to future events or
objectives and financial or operational performance or results. The
forward-looking statements contained herein include statements
relating to the expected benefits of the DEUTEK transaction. Actual
events may differ materially from current expectations and are
subject to a number of risks and uncertainties, including the risks
and uncertainties discussed in PPG’s 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. Forward-looking statements
speak only as of the date of their initial issuance, and PPG does
not undertake any obligation to update or revise publicly any
forward-looking statement, whether as a result of new information,
future events or otherwise.
We protect and beautify the world is a trademark and the PPG
Logo is a registered trademark of PPG Industries Ohio, Inc.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170105005813/en/
PPG Media Contact:Mark Silvey, +1 412-434-3046Corporate
Communicationssilvey@ppg.comorPPG
Investor Contact:Scott Minder, +1 412-434-3466Investor
Relationssminder@ppg.cominvestor.ppg.com
PPG Industries (NYSE:PPG)
Historical Stock Chart
From Apr 2024 to May 2024
PPG Industries (NYSE:PPG)
Historical Stock Chart
From May 2023 to May 2024