MOSCOW (MRC) -- PPG announced that it has reached an agreement with the Emerging Europe Accession Fund (EEAF) to acquire DEUTEK S.A., a leading Romanian paint and architectural coatings manufacturer, said the producer.
PPG expects the transaction to close in the first quarter 2017, following the receipt of regulatory approvals and satisfaction of customary closing conditions. Financial terms were not disclosed.
DEUTEK, established in 1993, manufactures and markets a large portfolio of well-known professional and consumer paint brands, including OSKAR and Danke!. The company’s products are sold in more than 120 do-it-yourself stores and 3,500 independent retail outlets in Romania. DEUTEK, which is currently owned by EEAF, reported sales of 30 million euros in 2015.
"DEUTEK is a well-managed business with a long heritage of excellent customer service and a portfolio of leading, well-recognized brands in Romania," said Jean-Marie Greindl, PPG senior vice president, global architectural coatings, and president, PPG Europe, Middle East and Africa (EMEA). "The acquisition adds the fastest-growing paint brands in Romania, where PPG has only a small presence in architectural coatings."
As MRC informed earlier, in 2015 PPG Industries agreed to acquire US-based IVC Industrial Coatings for an undisclosed amount. The company operates five manufacturing facilitates in the US, one plant in Guangdong, China, and a small development lab in Manchester, England. It has a workforce of over 300.
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