PPG Buys Germany’s Cetelon
“The strategic acquisition of Cetelon will allow PPG to further build upon its existing coatings product portfolio, liquid and powder coating technologies and color matching capabilities,” said PPG executive vice president Rebecca Liebert. “Cetelon’s long-standing and established customer relationships will be complementary to PPG’s existing customer base and global presence, and will allow us to continue to deliver industry-leading solutions and drive growth within the transportation industry.”
Cetelon’s chairman Daniel Kesselring added that the German company will benefit from a highly complementary product offering along with PPG’s global reach.
Extension of Tikkurila share offer
In separate news, PPG announced on Apr. 14 that it had extended the tender offer period for Tikkurila shares to May 11. The European Commission’s regulator has approved the merger, as has the Republic of Kazakhstan. Russia’s approval is still outstanding, but PPG said it anticipates receiving this within the extended offer period.
PPG expects to close its purchase of the Finnish paints group shortly after the expiration of the offer period.
Author: Ellaine Burridge, Freelance Journalist
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PPG has acquired Cetelon Lackfabrik, a German manufacturer of coatings for automotive and light truck wheel applications. The US group has also extended the offer period for shares of Finland’s Tikkurila until 11 May and expects to close the acquisition shortly after. (c) PPG
