MOSCOW (MRC) -- PPG announced that it has acquired certain assets of automotive refinish coatings company Futian Xinshi (Futian), said the producer on its site.
Financial terms were not disclosed.
With approximate sales of USD15 million in 2016, Futian is a privately owned company based in the Guangdong province of China. Futian distributes its products in China through a network of more than 200 distributors. PPG will acquire Futian’s trademarks, product technology and customer list.
"The acquisition of Futian will further enhance PPG’s position in the growing Chinese automotive refinish coatings market,” said John Outcalt, PPG vice president, global automotive refinish. “Futian has a proven track record of growth and profitability by leveraging well-positioned brands, mature technology, low-cost operations and a solid-performing distribution base."
As MRC informed earlier, in November 2016, PPG reached an agreement with the Emerging Europe Accession Fund (EEAF) to acquire DEUTEK S.A., a leading Romanian paint and architectural coatings manufacturer.
PPG Industries, Inc. (PPG) is a global supplier of protective and decorative coatings. Performance Coatings, Industrial Coatings and Architectural Coatings- EMEA segments supply protective and decorative finishes for customers in a range of end use markets, including industrial equipment, appliances and packaging; factory-finished aluminum extrusions and steel and aluminum. Founded in 1883, PPG has global headquarters in Pittsburgh and operates in nearly 70 countries around the world. Reported net sales in 2014 were USD15.4 billion.
MRC