PPG (New York Stock Exchange: PPG) recently announced that it has acquired the remaining 50% of the equity of two Asian joint ventures, IVC (Malaysia) Berhad and IVC-OPS (Singapore) Berhad, from its partner Omni-Plus System. Specific financial terms were not disclosed.
The IVC joint venture was established in 2008 and mainly produces industrial coating products for home appliances and electronic materials. In 2016, it contributed less than $ 10 million in sales as a subsidiary of PPG.
PPG's acquisition of the remaining 50% of two IVC joint ventures (including Malaysian and Singaporean companies) has included all the company's machinery and equipment, leased properties, working capital, customer lists and business relationships, as well as distribution permissions in various Asian regions . In addition, fewer than 10 employees of the two joint ventures will become PPG employees.
Shelley Bausch, Global Vice President of PPG Industrial Coatings, said: "This transaction is an important follow-up acquisition after the acquisition of IVC Industrial Coatings in 2015. At present, our Industrial Coatings Division has completed the integration of IVC Industrial Coatings. The acquisition of IVC's products, businesses and employees has played an important role in strengthening our business strength. "
"We look forward to fully integrating IVC's Asian joint venture to further enhance PPG's ability to serve industrial coatings customers."