PPG completes acquisition of Colombian coatings company Colpisa
PITTSBURGH, Jan. 18, 2012 – PPG Industries (NYSE:PPG) announced today that it and its subsidiary, PPG Industries Colombia, have completed the acquisition of the coatings businesses of Colpisa Colombiana de Pinturas and its affiliates, including Colpisa Ecuador. The parties first announced an acquisition agreement Aug. 4, 2011. Financial terms were not disclosed.
“PPG is pleased with the completion of the Colpisa acquisition, and we look forward to building our presence in Colombia to serve and grow with our customers in the region,” said Tim Knavish, PPG vice president, automotive OEM (original equipment manufacturer) coatings, Americas. “This acquisition is further evidence of PPG’s commitment to global growth in coatings.”
In acquiring Colpisa, PPG becomes the only major coatings supplier with a direct automotive OEM coatings manufacturing presence in Colombia and one of the leading providers of a full line of automotive refinish products in Colombia with an established distribution network, according to Knavish. Colpisa has been a technology licensee of PPG automotive OEM coatings since 1996 and a distributor of PPG automotive refinish products since 2004. PPG now operates Colpisa’s coatings manufacturing facility in Itagüí, Colombia, which employs about 315 people.
Colpisa was founded in 1973 and manufactures and distributes coatings for OEM, automotive refinish and industrial customers in Colombia and Ecuador.
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