PPG Industries, Inc. (NYSE:PPG), manufacturer of paints, coatings and other products today settled the deal for the acquisition of the European coatings company Dyrup A/S from Monberg & Thorsen, a public holding company for 115 million euros ($157.2 million).
J. Rich Alexander Executive Vice President of PPG stated in a statement that the acquisition of Dyrup would enable the company to spread its business within Europe and as well as enhance its product portfolio with wood care products.
Viktor Sekmakas, President of PPG Europe, further stated that the acquisition would diversify the company to countries like Poland, France and Denmark with more opportunities in Portugal, Spain and Germany, with no architectural coatings presence.
Dyrup, with brands like Bondex, Gori and Xylophene, recruits about 950 employees and operates 6 European manufacturing plants. The company’s products are sold in Denmark, France, Germany, Portugal, Poland and Spain through professional and homemade channels.
PPG Industries shares went up by $2.82 to $80.61 in late afternoon trading.
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