PPG Industries receives approval for major acquisition
PPG Industries will sharply expand its worldwide offerings when it acquires SigmaKalon Group, a Netherlands-based producer of architectural, decorative and protective coatings, as well as coatings for the marine and industrial markets.
The total transaction value, including assumed debt, is approximately 2.2 billion Euros (US$3.22 billion). PPG said it anticipates the acquisition will close within the next 45 days. The deal was approved this week by European Union regulators.
PPG employs more than 34,000 people worldwide with manufacturing facilities and other operations in 25 countries. SigmaKalon employs approximately 10,000 people and sells coatings in more than 40 countries worldwide.
SigmaKalon Group is owned by Bain Capital Partners, a private investment firm with interests in a number of home improvement companies. Bain Capital, along with Carlyle Group and Clayton, Dubilier & Rice, this fall purchased Home Depot’s HD Supply unit for $8.5 billion — the LBM unit of HD Supply has since been sold to Pro-Build. In October, Bain Capital also purchased the kitchen and bath assets of American Standard for $1.76 billion.
SigmaKalon makes decorative coatings under several international brands, including Avi, Eureka and Prominent Paints. SigmaKalon products are sold throughout Eastern and Western Europe, Africa and Asia. PPG brands include Pittsburgh Paints, Olympic, Monarch, Porter Paints and Manor Hill.
Laticrete expands Texas facility
Laticrete, a manufacturer of systems for the installation of ceramic tile and stone, recently marked the completion of an $8 million, 50,000-square-foot expansion to its Grand Prairie, Texas, manufacturing and warehousing facility.
The expansion — which more than doubled the size of the operation to 90,000 square feet — was done to meet increased demand for Laticrete system materials in the Dallas-Fort Worth area.
The ribbon cutting ceremony on Nov. 28 was attended by Laticrete co-owner and senior vp Henry B. Rothberg and other officials from the company’s headquarters in Bethany, Conn.
Canarm names new president
James A. Cooper has been named president of Canarm, according to an announcement from the home goods maker.
Cooper has more than 25 years experience at Canarm, a Canada-based global manufacturer of lighting, ventilation and related products for residential, commercial and agricultural markets.
Most recently, Cooper served as vp-sales and marketing, helping Canarm’s customers build their market share.
Canarm is headquartered in Brockville, Ontario, and has five satellite manufacturing plants in Ontario and one in Illinois, as well as a distribution center in Montreal. The company is privately owned and operated and has more than 300 full-time employees.