PPG to Acquire Dutch ProCoatings
Major US coatings group PPG has reached agreement to buy Dutch wholesaler ProCoatings for an undisclosed sum. The acquisition comes after PPG tried and failed three times last year to buy Dutch rival AkzoNobel.
ProCoatings, which employs nearly 100 people, distributes a large portfolio of well-known professional paint brands through its network of 23 multi-brand stories. PPG is expecting the transaction to close in the first quarter of 2018, subject to the usual closing conditions.
“ProCoatings is a well-managed business, providing excellent customer service to a diverse portfolio of customers in the west and north of the Netherlands. This acquisition will provide our business with even greater opportunities to support our customers and strengthen our presence in this important market,” said Jean-Marie Greindl, PPG senior vice president, global architectural coatings and president of PPG Europe, Middle East and Africa (EMEA).
According to US analyst Zacks, PPG is facing macroeconomic challenges as some of its end-markets, including marine, remain sluggish, and the group continues to be exposed to raw materials cost pressure.