PPG Completes Acquisition of Majority Interest in Sealants Business of Le Joint Français
By Business Wire News
PPG Industries (NYSE:PPG) announced today that it has completed its acquisition of a majority interest in the aerospace and automotive sealants and adhesives business of Le Joint Français (LJF), a long-term licensee of PPG’s aerospace sealant technology. The new joint venture is called Sealants Europe SAS. Financial terms were not disclosed.
“We are excited about the potential benefits that Sealants Europe SAS holds for customers and our business,” said Michael McGarry, PPG president and chief executive officer. “This venture will deliver enhanced service to our aerospace customers in the region, greater reach to supply sealants and adhesives, and an expanded automotive products portfolio.”
Sealants Europe SAS employs more than 200 people and will continue to operate in Bezons, France.
LJF is headquartered in France and is part of the Hutchinson Group, a world leader in sealing systems, vibration, acoustic and thermal insulation, fluid transfer systems, transmission and mobility.
PPG: BRINGING INNOVATION TO THE SURFACE.™
PPG Industries’ vision is to be the world’s leading coatings company by consistently delivering high-quality, innovative and sustainable solutions that customers trust to protect and beautify their products and surroundings. Through leadership in innovation, sustainability and colour, PPG provides added value to customers in construction, consumer products, industrial and transportation markets and aftermarkets to enhance more surfaces in more ways than does any other company. Founded in 1883, PPG has global headquarters in Pittsburgh and operates in more than 70 countries around the world. Reported net sales in 2014 were $15.4 billion. PPG shares are traded on the New York Stock Exchange (symbol:PPG). For more information, visit www.ppg.com and follow @PPGIndustries on Twitter.
Statements in this news release relating to matters that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 reflecting PPG Industries’ current view with respect to future events or objectives and financial or operational performance or results. The forward-looking statements contained herein include statements relating to the expected benefits of the venture. Actual events may differ materially from current expectations and are subject to a number of risks and uncertainties, including the ability of PPG Industries to achieve the expected benefits of the transaction; and the other risks and uncertainties 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. Forward-looking statements speak only as of the date of their initial issuance, and PPG Industries does not undertake any obligation to update or revise publicly any forward-looking statement, whether as a result of new information, future events or otherwise.
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PPG Corporate Communications, EMEA
Ken Armistead, +44-1924-354848
PPG Corporate Communications
Mark Silvey, 412-434-3046
PPG Investor Relations
Scott Minder, 412-434-3466