PPG to Acquire ICR
PPG has announced that it has reached a definitive agreement to acquire Industria Chimica Reggiana (ICR) S.p.A. The transaction is expected to close in the first quarter of 2020, subject to customary closing conditions. Financial terms were not disclosed.
ICR employs approximately 180 people and sells its products in more than 70 countries across Europe, Africa, the Middle East, the United States, and Latin America.
“PPG’s acquisition of ICR will complement our current product offering for the automotive refinish and light industrial coatings industries and add specialized, value-added products that address the needs of distributors and body shops,” said Gary Danowski, PPG VP, global automotive refinish. “We look forward to continuing to deliver the trusted products and services upon which ICR customers have come to rely, and we are very excited to welcome ICR employees to PPG.”