PPG to Acquire Specialty Coatings and Materials Manufacturer Cuming Microwave
By Business Wire News
By Business Wire News
PPG Industries (NYSE:PPG) announced today that it has reached a definitive agreement to acquire Cuming Microwave Corporation based in Avon, Massachusetts, and its wholly-owned subsidiary Cuming-Lehman Chambers, Inc., based in Chambersburg, Pennsylvania. The transaction is expected to close in the third quarter, subject to customary closing conditions. Financial terms were not disclosed.
Cuming Microwave is a global supplier of specialty coatings and materials that absorb microwaves and radio waves, such as radar. The company’s products are used in military aircraft and have applications in end-uses such as electronics, telecommunications, medical and automotive. The company employs about 160 people, operates three manufacturing facilities in Avon and maintains an office in Chambersburg.
“Acquiring Cuming Microwave will enable us to serve customers around the world with an enhanced product portfolio,” said Barry Gillespie, PPG vice president, aerospace. “The company’s technologies complement and expand PPG’s portfolio of products for the military and aerospace segments. Cuming Microwave products also represent a new and unique offering for customers across PPG’s businesses.”
PPG Aerospace is the aerospace products and services business of PPG Industries. PPG Aerospace – Transparencies is the world’s largest supplier of aircraft windshields, windows and canopies. PPG Aerospace – PRC-DeSoto is the leading global producer and distributor of aerospace coatings, sealants, and packaging and application systems. For more information, visit www.ppgaerospace.com.
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 color, 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 the company’s 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 timing of and expected benefits of the Cuming Microwave Corporation acquisition. Actual events may differ materially from current expectations and are subject to a number of risks and uncertainties, including the satisfaction of the conditions of the acquisition and other risks related to completion of the acquisition and actions related thereto; the parties’ ability to complete the acquisition on the anticipated terms and schedule, including the ability to obtain and regulatory approvals; the ability of PPG Industries to achieve the expected benefits of the acquisition; 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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