PITTSBURGH–(BUSINESS WIRE)–PPG (NYSE:PPG) today announced that it has reached a definitive
agreement to acquire Whitford Worldwide Company (“Whitford”), a global
manufacturer that specializes in low-friction and nonstick coatings for
industrial applications and consumer products. The transaction is
expected to close in the first quarter 2019, subject to customary
closing conditions. Financial terms were not disclosed.
“The acquisition of Whitford will allow PPG to further drive value for
its customers and shareholders by enhancing our range of product
offerings, research and development capabilities, and global market
reach in the growing industrial coatings sector,” said Michael McGarry,
PPG chairman and chief executive officer.
Whitford, a privately held company headquartered in Elverson,
Pennsylvania, was founded in 1969. The company specializes in
manufacturing low-friction, wear-resistant coatings for industrial
applications in automotive, aerospace, energy and construction products.
Whitford also makes nonstick coatings for cookware, bakeware and small
electric appliances such as toaster ovens, griddles, fry pans and irons.
Whitford employs more than 700 people and operates 10 manufacturing
facilities located in Elverson, PA, USA; Fostoria, Ohio, USA; Guelph,
Ontario, Canada; Runcorn, UK; Brescia, Italy; Sao Paulo, Brazil;
Jiangmen, China; Zhuhai, China; Tuas, Singapore; and Bangalore, India.
“Joining PPG is a giant step forward for Whitford,” added Dave Willis,
Whitford’s founder and Chairman of the Board. “In one fell swoop, we
will have access to new technologies, diverse R&D facilities, strong
financial support and global coverage in areas where we have wanted to
expand, but did not yet have sufficient resources. This is very good
news for our customers and our employees.”
“Whitford’s leadership in low-friction and nonstick coatings will
provide strategic additions to the robust portfolio of industrial
coatings solutions we deliver today, while PPG’s research and
development organization will leverage Whitford’s extensive expertise in
fluoropolymer chemistry across the markets we serve,” said Tim Knavish,
PPG senior vice president, industrial coatings. “In addition, Whitford’s
global footprint and customer-centric, high-touch business model are
highly complementary to PPG’s business, allowing for a seamless
PPG: WE PROTECT AND BEAUTIFY THE WORLD™
At PPG (NYSE:PPG), we work every day to develop and deliver the paints,
coatings and materials that our customers have trusted for 135 years.
Through dedication and creativity, we solve our customers’ biggest
challenges, collaborating closely to find the right path forward. With
headquarters in Pittsburgh, we operate and innovate in more than 70
countries and reported net sales of $14.7 billion in 2017. We serve
customers in construction, consumer products, industrial and
transportation markets and aftermarkets. To learn more, visit www.ppg.com.
The forward-looking statements contained herein include statements
relating to the timing of and expected benefits of the Whitford
Worldwide Company acquisition. Actual events may differ materially from
current expectations and are subject to a number of risks and
uncertainties, including the satisfaction of the conditions of the
acquisition and other risks related to completion of the acquisition and
actions related thereto; the parties’ ability to complete the
acquisition on the anticipated terms and schedule, including the ability
to obtain regulatory approvals; the ability of PPG to achieve the
expected benefits of the acquisition; and the other risks and
uncertainties discussed in PPG’s periodic reports on Form 10-K and Form
10-Q and its current reports on Form 8-K filed with the Securities and
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Media Contact:Mark SilveyCorporate Communications+1-412-434-3046[email protected]