PPG announced yesterday that it has reached a definitive agreement with private equity firm Dexmet Capital Management Ltd. to acquire Dexmet, a subsidiary of the latter. Dexmet manufactures special surface materials for aerospace, automotive and industrial applications. The company is a leader in a number of important applications, including aircraft lightning strike protection. The transaction is expected to be completed in the third quarter of 2019, subject to customary closing conditions. Relevant financial terms have not been disclosed.
Michael McGarry, Chairman and CEO of PPG, said: "The acquisition of Dexmet will expand our product range, strengthen our research and development capabilities, and expand our share of the aerospace, automotive and industrial coatings markets, allowing us to create even more for our customers. More value. "
Dexmet was founded in 1948 and is headquartered in Wallingford, Connecticut. The company specializes in the production of customized, highly engineered, scalable and perforated metal foils and polymers for mission-critical applications in aerospace, energy storage and other industrial applications. Dexmet has about 75 employees.
Timothy Poor, CEO of Dexmet, said, "The Dexmet team is excited to be part of the PPG family. Like Dexmet, PPG has leading technology and a commitment to innovation. Thanks to this, we will be able to develop for our customers More solutions. "
Daniel Korte, Global Vice President of PPG Aerospace, said, "Dexmet's leading aerospace surface technology will strategically complement our rich aerospace coatings portfolio. PPG's R & D team will use Dexmet in ultra-thin metal foil and polymer The expertise of the web material serves our market. In addition, Dexmet's customer-centric business model is highly complementary to PPG's business, so we can achieve seamless business integration. "