PPG to Acquire Global Coatings Manufacturer Whitford Worldwide
December 17, 2018
PPG has reached a definitive agreement to acquire Whitford Worldwide Company. 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, Penn., employs more than 700 people and operates 10 manufacturing facilities located in Elverson, Penn.; Fostoria, Ohio; 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,” said 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.”
PPG stated that Whitford’s leadership in low-friction and nonstick coatings will provide strategic additions to the company’s robust portfolio of industrial coatings solutions, while PPG’s research and development organization will leverage Whitford’s extensive expertise in fluoropolymer chemistry across the markets it serves.