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PPG Gains 100 Percent of IVC Asian Group

Wednesday, April 19, 2017

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Pittsburgh-based coatings giant PPG Industries announced April 6 it had acquired the remaining 50 percent ownership interest in its Asian joint venture comprising IVC Malaysia and IVC-OPS Singapore.

PPG, the world's largest coatings manufacturer, purchased the remaining stake from Omni-Plus System Pte. Ltd., which had been its partner in the venture. Financial terms were not disclosed.

© iStock.com / JoeCollver

PPG Industries formed a joint venture with IVC in 2008. The firm supplies industrial coatings to the appliance and electronics-materials industries.

“This transaction is an important follow-up to PPG’s 2015 acquisition of IVC Industrial Coatings Inc., which is now fully integrated into our industrial coatings business,” Shelley Bausch, PPG vice president of global industrial coatings, said in a statement. “The IVC products, operations and employees we added through that transaction have helped strengthen our business.”

“We look forward to fully integrating the Asian IVC joint venture as well, so we can further enhance PPG’s ability to deliver value to our industrial coatings customers.”

Business Partners

The IVC joint venture was formed between PPG and Omni-Plus in 2008. It supplies industrial coatings to the appliance and electronics-materials industries.

The deal is a relatively minor one for PPG, in comparison with some of the other transactions the company has made in recent years. The IVC joint venture had sales of less than $10 million as an equity affiliate of PPG in 2016. All joint-venture employeesfewer than 10—will become PPG employees.

PPG also gains machinery and equipment; property leases, working capital, customer lists and relationships; and distribution and territorial rights in Asia.

Previous Ties

PPG Industries formally acquired IVC Industrial Coatings Inc. in September 2015. The specialty powder and liquid coatings manufacturer is based in Brazil, Indiana.

Global Reach

Founded in 1883, PPG Industries has global headquarters in Pittsburgh and operates in more than 70 countries.

Reported net sales for the company were $16.4 billion in 2016.

   

Tagged categories: Acquisitions; Coatings Technology; Industrial coatings; IVC Industrial Coatings Inc.; PPG

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