PPG Industries has finalized the acquisition of the North American architectural coatings business of Akzo Nobel N.V., Amsterdam, in a deal valued at $1.05 billion. The purchase is the second-largest in PPG's company’s history.
Charles E. Bunch, PPG chairman and CEO, said the deal further extends PPG’s architectural coatings business in the United States, Canada and the Caribbean, and continues the accelerated pace of PPG's business portfolio transformation. "With this acquisition, PPG has expanded its reach in all three major North American distribution channels, including home centers, independent paint dealers and company-owned paint stores," he said. "The company’s product offerings are now available in more than 15,000 outlets across the region."View the press release in its entirety online.