PPG Industries Inc. (PPG: Quote) announced it has reached a definitive agreement to acquire the North American architectural coatings business of AkzoNobel N.V. (AKZOY: Quote,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.
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by RTT Staff Writer
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