PPG has reached a definitive agreement to acquire Industria Chimica Reggiana, a manufacturer of paints and coatings for the automotive refinish and light industrial coatings industries.
The transaction is expected to close in the first quarter of 2020, subject to customary closing conditions, while financial terms were not disclosed.
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Founded in 1961, ICR is based in Italy and manufactures automotive refinish products, including putties, primers, basecoats and clear coats through the Sprint brand. The company also makes a range of coatings, enamels and primers for light commercial vehicles and other light industrial coatings applications.
ICR employs around 180 people and sells its products in more than 70 countries in Europe, Africa, the Middle East, the US and Latin America.
“PPG’s acquisition of ICR will complement our current product offering for the automotive refinish and light industrial coatings industries and add specialised, value-added products that address the needs of distributors and body shops,” said PPG VP global automotive refinish, Gary Danowski.
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