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PPG completes acquisition of Italian firm

February 05/2020

MOSCOW (MRC) -- PPG says it has completed its acquisition of Industria Chimica Reggiana (ICR, Reggio Emilia, Italy), a maker of automotive refinish products, according to Chemweek.

Financial terms of the deal, including purchase price, were not disclosed. The deal was announced on 8 January.

ICR was founded in 1961 and employs about 180 people.

As MRC wrote previously, Russia's output of chemical products dropped by 3.2% in November 2019 month on month. However, production of basic chemicals increased by 3.6% in the first eleven months of 2019, according to Rosstat's data. According to the Federal State Statistics Service of the Russian Federation, the largest increase in production volumes on an annualized basis accounted for mineral fertilizers and polymers in primary form. Last month, 255,000 tonnes of ethylene were produced versus 210,000 tonnes in October; by November, Russian producers had completed all their scheduled works. Thus, 2,721,000 tonnes of this olefin were produced in January-November 2019, up by 0.3% year on year.

Ethylene is the main feedstock for the production of polyethylene (PE).

According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 2,093,260 tonnes in 2019, up by 6% year on year. Shipments of all PE grades increased. PE shipments rose from both domestic producers and foreign suppliers.

ICR manufactures automotive refinish products, including putties, primers, basecoats and clear coats. It also makes a range of coatings, enamels and primers for light commercial vehicles and other light industrial coatings applications. ICR employs about 180 people and sells its products in more than 70 countries in Europe, Africa, the Middle East, the US and Latin America.


mrcplast.com
Author:Margaret Volkova
Tags:PE, ethylene, coatings, car components, paints and coatings, PPG, Italy, Russia.
Category:General News
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