16:51 PM | April 1, 2013 | Robert Westervelt
PPG Industries has completed the $1.05-billion purchase of AkzoNobel's North American architectural coatings business. The acquired business had 2012 sales of €1.19 billion ($1.57 billion) and Ebitda of €19 million, according to AkzoNobel. The business had 4,670 employees at the end of 2012.
The acquisition “further extends PPG’s architectural coatings business in the United States, Canada, and the Caribbean and continues the accelerated pace of our business portfolio transformation,” says Charles Bunch, PPG chairman and CEO. “With this acquisition, PPG has expanded its reach in all three major North American distribution channels, including home centers, independent paint dealers, and company-owned paint stores.”
AkzoNobel says the divestiture of its struggling North American decorative coatings business allows it to focus on key markets in Europe and high-growth emerging economies.