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PPG Expands Reach with New Acquisition

Friday, June 10, 2016

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Pittsburgh-based coatings giant PPG has announced it will acquire global coatings services provider MetoKote and its affiliates.

The transaction, announced Wednesday (June 8), is expected to close in the third quarter of 2016, subject to customary closing conditions.

The financial terms of the deal were not disclosed.

PPG headquarters
© iStock.com / JoeCollver

PPG, headquartered in Pittsburgh, announced it has reached a definitive agreement to acquire MetoKote Corporation and its affiliates. The transaction is expected to be complete in the third quarter of 2016.

“MetoKote is a leader in coatings services,” said Viktor Sekmakas, PPG executive vice president. “Its size, breadth of capabilities and geographic reach complement PPG’s technology and regional customer base.

“With this acquisition, we will be able to deliver process efficiency and streamline coatings operations for our customers, helping to drive a new era of innovation.”

Metal Coating Services

MetoKote, based in Lima, OH, is a provider of industrial metal coating services for various industrial and automotive customers. Specifically, it applies coatings to customers’ manufactured parts and assembled products, PPG noted.

Customers ship parts to MetoKote service centers, where they are treated to enhance paint adhesion and painted with electrocoat, powder or liquid coatings technologies. Coated parts are then shipped to the customer’s next stage of assembly.

Describing itself as an “industry leader in protective coating applications,” MetoKote indicates it coats an average of more than 1.5 million parts per day.

It operates on-site coatings services within several customer manufacturing locations, as well as at regional service centers, located throughout the U.S., Canada, Mexico, the United Kingdom, Germany, Hungary and the Czech Republic.

“This acquisition will help us to better understand and meet our customers’ critical coatings requirements,” said Sekmakas, adding that the deal helps PPG respond to customer requests to streamline the purchasing, delivery and application of coatings.

“This will simplify our customers’ operations, enabling them to focus on their core competencies of product design and manufacturing,” Sekmakas added. “Having a more intimate understanding of our customers’ coatings needs will help us to offer enhanced, end-to-end solutions and services going forward.”

47-Year History of Growth

Founded in 1969, MetoKote has grown to more than 1,500 employees and 29 facilities worldwide, serves more than 800 customers, and reports 2015 global sales of approximately $200 million.

In 2013, MetoKote was acquired by mergers, acquisitions and operating firm Platinum Equity (Los Angeles).

Under Platinum Equity's ownership, MetoKote was able to execute a range of strategic and operational initiatives that have helped the company grow and adapt to changes in the market, Platinum Equity Partner Bob Wymbs said in his company’s announcement of the sale.

Among these efforts, MetoKote itself acquired Malcolm Enamellers ACP Limited, a U.K. coating services provider, in December 2015.

"MetoKote's success is a result of a great partnership with the management team and a lot of hard work by the company's dedicated employees," said Wymbs.

"Working together we realigned the company's global footprint, sharpened our focus on high-growth markets, and made important investments to strengthen key customer relationships,” added MetoKote President and CEO Jeff Oravitz.

“We are on a strong path for continued growth and success."

Editor's note: This story was one of our most popular of 2016, and ran in our Reader's Choice issue on Dec. 27. Since this article's original publication, PPG completed its acquisition of MetoKote in July, and named Jeff Oravitz, previously CEO of MetoKote, to the position of vice president of PPG coatings services and president of PPG-MetoKote.

   

Tagged categories: Acquisitions; Automotive coatings; Business matters; Coating Business; Industrial powder coating; Liquid-applied coatings; Mergers; MetoKote; PPG; Service

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