logo
Share SHARE
FONT-SIZE Plus   Neg

PPG To Buy North American Architectural Coatings Business Of AkzoNobel

PPG Industries Inc. (PPG) announced it has reached a definitive agreement to acquire the North American architectural coatings business of AkzoNobel N.V. (AKZOY,AKZOY.PK), Amsterdam, in a deal valued at $1.05 billion.

The acquisition includes all AkzoNobel North American architectural coatings manufacturing and distribution facilities, paint stores, product lines and employees related to the production, sale and distribution of architectural coatings in the United States, Canada and the Caribbean. The acquisition includes the addition of about 600 AkzoNobel-owned paint stores creating a combined network of about 1,000 company-owned stores serving the North American market. PPG also will license the brands: DULUX, DEVOE architectural coatings, and SIKKENS architectural wood products.

The transaction has been approved by the boards of both companies and is expected to close in early second quarter 2013.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Shares of Tractor Supply Co. (TSCO) slipped over 7 percent in the extended hours after the company issued a weak second-quarter guidance and lowered its annual outlook, due to weak sales of its seasonal products. For the second quarter, the company now expects earnings of $1.15 to $1.16 per share... Hard-disk driver maker Seagate Technology plc (STX) late Wednesday said it was cutting 1,600 jobs or about 3% of its global workforce to curb expenses. The company expects to save about $100 million a year, having a favorable impact on cost of revenue and operating expenses by about $48 million and... PepsiCo Inc. (PEP) is bringing back Crystal Pepsi, the colorless soda launched in 1992, a move that the food and beverages giant expects will boost its slowing sales. The 1990s-era clear soda will go on sale in 20-ounce bottles for a limited time at major retailers starting July 7 in Canada and August...
comments powered by Disqus
Follow RTT