PITTSBURGH, PA – Wood and industrial coatings firm PPG Industries has reached a definitive agreement to acquire IVC Industrial Coatings Inc., a U.S.-based specialty powder and liquid coatings manufacturer serving the contract furniture, storage products and other industrial markets. Terms of the transaction, which is expected to close in the third quarter, were not disclosed.
Founded in 1870 as the Indianapolis Varnish Co., the privately owned IVC posted 2014 sales of more than $100 million. Based in Brazil, IN, IVC has more than 300 employees, with five plants in the U.S. and one in China. It also has a small development lab in England, along with joint venture operations in Malaysia.
“Acquiring IVC, which has a large, global distribution footprint, will strengthen our ability to serve a variety of end-use markets and enhance PPG’s supply positions in the U.S. and China,” said Shelley Bausch, PPG vice president, global industrial coatings. “The addition of IVC's high-quality products and industry expertise will further enhance PPG's ability to deliver a robust portfolio of industry-leading industrial coatings solutions."
Founded in 1883 as Pittsburgh Plate Glass, PPG (NYSE: PPG) produces paints, coatings, optical products, specialty materials, glass and fiberglass for a variety of industries including: furniture and architectural wood products, automotive, marine and packaging. With global headquarters in Pittsburgh, operates in more than 70 countries around the world and has an estimated 46,100 employees worldwide. Reported net sales in 2014 were $15.4 billion.
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