PPG Deal to Expand High-Temp Line
PPG Industries foresees "multiple growth opportunities" with its planned acquisition of Hi-Temp Coatings Technology Co. Inc., the companies announced this week.
Hi-Temp, based in Boxborough, MA, is a privately owned global supplier of high-temperature resistant and insulative coatings.
Financial terms were not disclosed, but the transaction is expected to close in the first quarter, subject to customary closing conditions.
Hi-Temp, founded in 2001, specializes in coatings that withstand extreme temperatures to protect both carbon steel and stainless steel substrates. Its coatings are used in refineries, petrochemical plants, pulp and paper mills and power plants.
The company's product line includes coatings that may also be applied while equipment is hot and in operation, reducing downtime for maintenance.
PPG says it is looking forward to combining Hi-Temp's high-temperature and insulative coatings with its current portfolio.
"PPG looks forward to integrating Hi-Temp coatings into our product offering," said Tim Knavish, PPG VP of protective and marine coatings. "Hi-Temp's unique technologies bring multiple growth opportunities to PPG, particularly in the petrochemical segment.
"Combining their excellent corrosion-under-insulation coatings portfolio with PPG's legacy portfolio enables us to provide additional high-quality options to meet more of our customers' coatings needs," Knavish added.
Founded in 1883, PPG is a world leader in high-performance architectural, protective and marine coatings and specialty materials.