PPG Takes Over Italy Operations
As part of its efforts to expand its reach in Europe, PPG has bought out the remaining 50 percent ownership interest of a joint venture in Italy, the company announced Friday (Nov. 11).
Having purchased the remaining shares of PPG Univer S.p.A. from its joint-venture partner, Univer Italiana S.r.l., the Pittsburgh-based paint and coatings manufacturer now has full ownership control of the company.
“Over the last 10 years, the PPG Univer team has established a successful coatings business, and we look forward to further leveraging PPG’s capabilities to continue growing our brands in Italy,” said Loïc Derrien, PPG general manager, architectural coatings, EMEA south.
According to PPG, the joint venture was originally initiated by SigmaKalon, a Dutch paint and coatings producer, and Italian decorative and industrial coatings firm Univer in 2006. It then became part of PPG when it acquired SigmaKalon in 2008.
Financial terms of the deal were not disclosed.
Industrial, Decorative Coatings
PPG Univer manufactures and distributes architectural and liquid industrial coatings from its production facility in Cavallirio, northern Italy, where it also houses its administrative offices. The firm employs about 150 people and operates a network of 12 retail stores throughout the country.
“This transaction is an important step in PPG’s effort to continue strengthening our presence in Europe, positioning us well for further growth in Italy,” said Jean-Marie Greindl, PPG senior vice president, global architectural coatings, and president, PPG Europe, Middle East and Africa (EMEA).
PPG operates in more than 70 countries and serves customers in construction, consumer products, industrial and transportation markets, and aftermarkets. The manufacturer reported net sales of $14.8 billion in 2015.
Editor's note: Content edited to include length of joint venture partnership.