PPG to Sell Plasterboard Unit
Following its global restructuring efforts, PPG has announced plans to sell the assets of its Mexico-based Plaka plasterboard and cement-board business to Knauf International GmbH of Germany.
Financial terms of the transaction, announced Dec. 23, were not disclosed.
PPG expects to close the deal in the first half of 2017, subject to regulatory approvals and other customary closing conditions.
The Pittsburgh-based coatings company acquired the Plaka business in 2014 as part of its acquisition of Comex, S.A. de C.V.
Plaka, with approximate sales of $30 million in 2015, manufactures plasterboard, cement board and drywall primarily for the Mexican construction market. The business employs about 200 people and operates a manufacturing facility in Querétaro, Mexico.
Knauf, based in Iphofen, Bavaria, bills itself as a leading manufacturer of insulation materials, drylining systems, plasters and accessories, thermal insulation composite systems, paints, floor screed, floor systems, and construction equipment and tools. Knauf has150 production facilities and sales organizations in more than 60 countries and employs 26,000 people, according to the company's website.
In recent months, PPG has shed its flat glass business and fiber glass operations to focus on core paint, coatings and specialty materials businesses.