PPG has reached a definitive agreement to acquire Woerwag, a global manufacturer of coatings for industrial and automotive applications.
The transaction is expected to close in the first half of 2021, subject to customary closing conditions.
“Woerwag’s industry expertise in powder and liquid coatings for industrial and automotive applications is highly complementary to PPG’s business and will help to further expand our product offering,” said PPG EVP, Rebecca Liebert.
“The addition of Woerwag will also enhance PPG’s waterborne, direct-to-metal, liquid and powder coatings offerings and allow us to further expand current customer distribution in key geographies.”
Woerwag is a family-owned company headquartered in Stuttgart, founded in 1918. The company employs around 1,100 people globally and its full year 2020 revenue is expected to be approximately EUR220m (US$265m).
The company specialises in developing sustainable liquid, powder and film coatings.
Woerwag operates locations in Germany, the US, China, South Africa, Mexico, Spain, Switzerland and Poland.