PPG has reached a definitive agreement to acquire Whitford Worldwide, a global manufacturer specialising in low-friction and non-stick coatings for industrial applications and consumer products.
The transaction is expected to close in the first quarter 2019, subject to customary closing conditions. Financial terms were not disclosed.
“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,” said PPG chairman and CEO, Michael McGarry.
Whitford, a privately held company headquartered in Elverson, Pennsylvania, was founded in 1969. The company specialises in manufacturing low-friction, wear-resistant coatings for industrial applications in automotive, aerospace, energy and construction products.
Whitford employs more than 700 people and operates ten manufacturing facilities located in Elverson, Pennsylvania; Fostoria, Ohio; Guelph, Ontario Runcorn, UK; Brescia, Italy; Sao Paulo, Brazil; Jiangmen, China; Zhuhai, China; Tuas, Singapore; and Bangalore, India.
“Joining PPG is a giant step forward for Whitford,” added Whitford founder and chairman, Dave Willis. “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.”