On December 14, PPG announced that it has reached a definitive agreement to acquire Whitford Global, a global manufacturer of low friction and non-stick coatings for industrial and consumer products. Based on customary closing conditions, the transaction is expected to close in the first quarter of 2019. Financial terms were not disclosed.
"The acquisition of Whitford will allow PPG to further create value for customers and shareholders by expanding its product range, increasing its research and development capabilities, and increasing its global market presence in the growing industrial coatings industry," said Michael McGarry, Chairman and CEO of PPG.
Whitford is a private company based in Elferson, Pennsylvania, which was founded in 1969. The company specializes in the production of low friction and wear resistant coatings for automotive, aerospace, energy, construction and other industries. Whitford also produces non-stick coatings for small appliances such as cookware, baking utensils and ovens, baking pans, frying pans and irons. Whitford has more than 700 employees and 10 manufacturing plants in Elferson, Pennsylvania, Forstria, Ohio, Guelph, Ontario, Canada, Lenken, England, Brescia, Italy, and Sao Paulo, Brazil. , Jiangmen, China, Zhuhai, China, Tuas, Singapore, and Bangalore, India.
"Joining PPG is a big step forward for Whitford," added Dave Willis, Founder and Chairman of the Board of Directors of Whitford. "After one move, we will have access to new technologies, diverse research and development facilities, strong financial support and Globally, we want to expand our reach, but we have not been able to complete it in the past due to insufficient resources. This is good news for our customers and employees. "
"Whitford's leadership in low friction and non-stick coatings will strategically complement the robust portfolio of industrial coating solutions we offer today, while PPG's research and development organization will leverage Whitford's extensive expertise in fluoropolymer chemistry To supply the markets we serve, "said Tim Knavish, senior vice president, Industrial Coatings, PPG. "Furthermore, Whitford's global business footprint and customer-centric high-end business model are highly complementary to PPG's business, allowing for seamless integration into one process."