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PPG Announces New, Completed Acquisitions

Monday, January 4, 2021

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Global coatings company PPG announced that it has agreed to acquire Nordic paint and coatings company Tikkurila in an all-cash transaction.

The total transaction is valued at 1.1 billion euros ($1.35 billion).

“The combination of PPG and Tikkurila is extremely complementary, both geographically and from a decorative brand perspective,” said Michael McGarry, PPG Chairman and Chief Executive Officer. “We have long admired Tikkurila’s rich history of establishing very strong decorative brands and product offerings in several northern and eastern European countries where PPG has minimal decorative presence.

© iStock.com / jfarleyphoto

Global coatings company PPG announced that it has agreed to acquire Nordic paint and coatings company Tikkurila in an all-cash transaction.

Tikkurila was established in 1862 and is headquartered in Vantaa, Finland. The decorative paint company has operations in 11 countries, with 80% of its revenue coming from Finland, Sweden, Russia, Poland and the Baltic states.

Tikkurila’s industrial paint business includes wood and protective coatings end-use segments, among others. The company employs approximately 2,700 people and reported sales of approximately 564 million euros in 2019.

“We will be able to provide customers with even more paint and coatings options by bringing together Tikkurila’s high-quality and environmentally friendly decorative products and distribution capabilities in these countries with PPG’s well-respected industrial and protective coatings. In addition, the combination will provide new cross-selling opportunities, growth opportunities for employees, and product solutions for new segments and customers. We look forward to welcoming the Tikkurila team to PPG and working with them to drive future growth,” concluded McGarry.

The transaction is expected to close in the second quarter of 2021.

Other Deals

Just days after the Tikkurila announcement, PPG also disclosed that its acquisition of North Carolina-based coatings manufacturer Ennis-Flint was complete.

That deal was initially announced at the end of November, and the agreement is valued at approximately $1.15 billion.

The company is reported to have a board portfolio consisting of pavement marking products, including paint, thermoplastics and other advanced traffic technologies which are created from a network of manufacturing facilities within the United States, Europe, South America and Asia.

Ennis-Flint employs approximately 1,000 people globally and its full year of 2020 revenue is expected to be approximately $600 million, with mid-teen percentage EBITDA margins.

   

Tagged categories: Acquisitions; Asia Pacific; Business matters; EMEA (Europe, Middle East and Africa); Good Technical Practice; Latin America; Mergers; North America; PPG; Z-Continents

Comment from ruddy rennert, (1/9/2021, 11:54 AM)

*broad portfolio. Worth mentioning is the acquisition of Versaflex companies. Consolidation is happening.


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