PPG to Acquire AkzoNobel’s North American Architectural Coatings Business
December 14, 2012
PPG Industries officials have announced that they have reached a definitive agreement to acquire the North American architectural coatings business of Amsterdam-based AkzoNobel N.V. The deal is valued at $1.05 billion and is expected to close in the second quarter of 2013.
“This acquisition continues the accelerated pace of our business portfolio transformation through further expansion of our coatings businesses,” says Charles E. Bunch, PPG chairman and CEO. “It is also an attractive way to significantly increase our scale in the North American architectural paint market, which we anticipate will benefit from a prolonged construction market recovery.”
Ton Büchner, CEO of AkzoNobel, adds, “Over the past four years, the team has done a great job in turning the North American decorative paints business around. I am pleased that we have found a respected company to take over the business. This agreement is a good outcome for all stakeholders.”