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PPG names acquisition integration head

March 05/2021

MOSCOW (MRC) -- PPG Industries has named John Stephenson to the post of director/acquisition integration, according to Chemweek with reference to the company's statement.

In this new role, Stephenson will oversee the integration of PPG acquisitions, including the recently-announced deal for Tikkurila. He will report to PPG chairman and CEO Michael McGarry.

Stephenson was most recently business controller/industrial coatings at PPG. He joined the company in 1985 and has served in a variety of finance functions across its operating segments.

As MRC wrote before, Finnish paints maker Tikkurila said in early February, 2021, that Pittsburgh-based PPG had raised its all-shares offer for the company to 34.00 euros per share, topping a rival bid from Akzo Nobel.

We remind that in February 2020, PPG completed its acquisition of Industria Chimica Reggiana (ICR, Reggio Emilia, Italy), a maker of automotive refinish products. 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. 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.

We also remind that Russia's output of chemical products rose in November 2020 by 9.5% year on year. At the same time, production of basic chemicals increased in the first eleven months of 2020 by 6.6% year on year, according to Rosstat's data. According to the Federal State Statistics Service of the Russian Federation, polymers in primary form accounted for the greatest increase in the January-November 2020 output. November production of polymers in primary form rose to 896,000 tonnes from 852,000 tonnes in October. Overall output of polymers in primary form totalled 9,240,000 tonnes over the stated period, up by 17.1%  year on year.
Author:Margaret Volkova
Tags:Europe, propylene, ethylene, petrochemistry, coatings, paints and coatings, Akzo Nobel Functional Chemicals BV, PPG, Tikkurila, Italy, Russia, Finland.
Category:General News
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