PPG acquires Coatings Resource Corporation
Company expands capabilities in industrial coatingsPITTSBURGH, Oct. 16, 2007 –
PPG Industries (NYSE:PPG) announced today it has acquired certain assets of Coatings Resource Corporation (CRC), Huntington Beach, Calif. Terms were not disclosed.
CRC produces paints, lacquers and varnishes for use on metal and wood industrial and consumer products, including audio-visual equipment, sporting goods and automotive interiors. It also produces injectable colorants, blowing agents, processing aids, ultraviolet (UV) stabilizers and anti-oxidants used on various types of plastics. CRC operates one manufacturing facility in Huntington Beach and employs approximately 30 people.
The acquired assets include inventory, accounts receivable, key sales and technical personnel, selected equipment, formulations and customer lists. CRC’s manufacturing plant in Huntington Beach will not be acquired by PPG but will toll manufacture products for PPG for the foreseeable future.
“This acquisition enables PPG to accelerate growth in key strategic markets for its industrial coatings business,” said William Wulfsohn, PPG senior vice president of coatings. “CRC’s extensive range of water-based and low-VOC (volatile organic compound) technologies will broaden PPG’s existing portfolio of environmentally responsible decorating solutions.”
“We are very excited to complete this transaction with PPG,” said Jeff Laird, CRC president. “Combining PPG’s global reach with CRC’s technology will offer a compelling value to the global industrial coatings market.”
CRC has supplied global plastic manufacturers with high-quality customized coating solutions for more than 30 years. The company’s waterborne technology enables the production of environmentally responsible products that perform to standards previously attained only with solvent-borne technology.About PPG
Pittsburgh-based PPG is a global supplier of paints, coatings, chemicals, optical products, specialty materials, glass and fiber glass. The company employs more than 34,000 people and has 125 manufacturing facilities and equity affiliates in more than 25 countries. Sales in 2006 were US$11 billion. PPG shares are traded on the New York and Philadelphia stock exchanges (symbol: PPG). For more information, visit www.ppg.com
Statements in this news release relating to matters that are not historical facts are forward-looking statements reflecting the company's current view with respect to future events or objectives and financial or operational performance or results. These matters involve risks and uncertainties as discussed in PPG Industries' periodic reports on Form 10-K and Form 10-Q, and its current reports on Form 8-K, filed with the Securities and Exchange Commission. Accordingly, many factors could cause actual results to differ materially from the company's forward-looking statements.
Among these factors are increasing price and product competition by foreign and domestic competitors, fluctuations in cost and availability of raw materials and energy, the ability to maintain favorable supplier relationships and arrangements, economic and political conditions in international markets, foreign exchange rates and fluctuations in such rates, the impact of environmental regulations, unexpected business disruptions and the unpredictability of possible future litigation, including litigation that could result if the asbestos settlement discussed in PPG's filings with the SEC does not become effective. However, it is not possible to predict or identify all such factors. Consequently, while the list of factors presented here is considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements.
Consequences of material differences in results as compared with those anticipated in the forward-looking statements could include, among other things, business disruption, operational problems, financial loss, legal liability to third parties and similar risks, any of which could have a material adverse effect on PPG's consolidated financial condition, operations or liquidity.
Betsy Mallison Bialosky