PITTSBURGH--PPG Industries has announced an agreement to acquire IVC Industrial Coatings Inc., a U.S.-based specialty powder and liquid coatings manufacturer with 2014 sales of more than $100 million.
The transaction, announced Thursday (June 11), is expected to close in the third quarter, subject to customary closing conditions. Terms of the deal were not disclosed.
Founded in 1870 as the Indianapolis Varnish Company, IVC specializes in the development, manufacture and sale of powder and liquid coatings for the general industrial segment.
Specialty powder and liquid coatings maker reported more than $100 million in sales in 2014.
End-use applications include metal office furniture, material handling and storage products, automotive parts, motorcycles, industrial containers, small appliances and electronics.
Privately owned and based in Brazil, IN, IVC employs more than 300 people. The company operates five plants in the U.S., one in China, and a lab in England. It also has operations in Malaysia through a joint venture.
"Acquiring IVC, which has a large, global distribution footprint, will strengthen our ability to serve a variety of end-use markets and enhance PPG's supply positions in the U.S. and China," said Shelley Bausch, PPG vice president, global industrial coatings.
Bausch also lauded IVC's "high-quality products and industry expertise."
PPG Industries (NYSE:PPG) announced today that it has reached a definitive agreement to acquire IVC Industrial Coatings, Inc., a U.S.-based specialty powder and liquid coatings manufacturer with 2014 sales of more than $100 million. The transaction is expected to close in the third quarter, subject to customary closing conditions. Financial terms were not disclosed.
IVC is a privately owned company founded in 1870 as the Indianapolis Varnish Company. The company, based in Brazil, Indiana, focuses on the development, manufacture and sale of powder and liquid coatings for the general industrial segment. Its industry-leading coatings are used on a wide variety of products such as metal office furniture, material handling and storage products, automotive parts, motorcycles, industrial containers, small appliances and electronics such as printers, servers and audio-visual equipment. IVC employs more than 300 people and operates five plants in the U.S. (two in Brazil, Indiana, and one each in Grand Haven, Michigan; Atlanta, Georgia; and Casa Grande, Arizona), one plant in Guangdong, China, and a small development lab in Manchester, England. The company also has operations in Malaysia through a joint venture.
"Acquiring IVC, which has a large, global distribution footprint, will strengthen our ability to serve a variety of end-use markets and enhance PPG's supply positions in the U.S. and China," said Shelley Bausch, PPG vice president, global industrial coatings. "The addition of IVC's high-quality products and industry expertise will further enhance PPG's ability to deliver a robust portfolio of industry-leading industrial coatings solutions."