PPG (NYSE:PPG) today announced that it has purchased the remaining 50
percent ownership interest in its Asian joint venture comprising IVC
(Malaysia) Sdn Bhd and IVC-OPS (Singapore) Pte. Ltd. from its
joint-venture partner, Omni-Plus System Pte. Ltd. Financial terms were
not disclosed.
The IVC joint venture was formed in 2008 and principally supplies
industrial coatings to the appliance and electronics-materials segments.
In 2016, it had sales of less than $10 million as an equity affiliate of
PPG.
Included in PPG’s acquisition of the remaining 50 percent ownership
interest in the IVC joint venture (including both the Malaysia and
Singapore entities) are all machinery and equipment, property leases,
working capital, customer list and relationships, and distribution and
territorial rights in Asia. Additionally, all joint-venture employees,
of whom there are fewer than 10, will become PPG employees.
“This transaction is an important follow-up to PPG’s 2015 acquisition of
IVC Industrial Coatings, Inc., which is now fully integrated into our
industrial coatings business,” said Shelley Bausch, PPG vice president,
global industrial coatings. “The IVC products, operations and employees
we added through that transaction have helped strengthen our business.
“We look forward to fully integrating the Asian IVC joint venture as
well, so we can further enhance PPG’s ability to deliver value to our
industrial coatings customers.”
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 2016.
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 IVC joint venture acquisition. Actual events may differ
materially from current expectations and are subject to a number of
risks and uncertainties, including the ability of PPG Industries to
achieve the expected benefits of the acquisition and the other risks and
uncertainties discussed in PPG Industries’ periodic reports on Form 10-K
and Form 10-Q, and its current reports on Form 8-K filed with the U.S.
Securities and Exchange Commission. Forward-looking statements speak
only as of the date of their initial issuance, and PPG Industries 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.
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PPG Media:Mark Silvey, +1-412-820-8138Corporate Communicationssilvey@ppg.comorPPG Investors:Scott Minder, +1-412-434-3466Investor Relationssminder@ppg.cominvestor.ppg.com