PPG announced that it has agreed to acquire low-friction and nonstick coatings specialist Whitford Worldwide for an undisclosed amount.
The transaction is expected to close in the first quarter 2019, subject to customary closing conditions. Financial terms were not disclosed.
PPG chairman and chief executive officer Michael McGarry said: “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.”
Whitford, a privately held company headquartered in Elverson, Pennsylvania, was founded in 1969. The company specializes in manufacturing low-friction, wear-resistant coatings for industrial applications in automotive, aerospace, energy and construction products.
Whitford also makes nonstick coatings for cookware, bakeware and small electric appliances such as toaster ovens, griddles, fry pans and irons.
Whitford employs more than 700 people and operates 10 manufacturing facilities located in Elverson, PA, USA; Fostoria, Ohio, USA; Guelph, Ontario, Canada; Runcorn, UK; Brescia, Italy; Sao Paulo, Brazil; Jiangmen, China; Zhuhai, China; Tuas, Singapore; and Bangalore, India.
Whitford founder and Chairman of the board Dave Willis said: “Joining PPG is a giant step forward for Whitford, 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 senior vice president, industrial coatings Tim Knavish said: “Whitford’s leadership in low-friction and nonstick coatings will provide strategic additions to the robust portfolio of industrial coatings solutions we deliver today, while PPG’s research and development organization will leverage Whitford’s extensive expertise in fluoropolymer chemistry across the markets we serve.
“In addition, Whitford’s global footprint and customer-centric, high-touch business model are highly complementary to PPG’s business, allowing for a seamless integration process.”
Source: Company Press Release.