PPG, Akzo Nobel Complete Packaging Coatings Transaction

PPG Industries completed its previously announced purchase of the former Courtaulds plc's global packaging coatings business from Akzo Nobel of the Netherlands. Terms were not disclosed. The transaction includes production operations in Europe, Asia, and North and South America, and about 400 former Courtaulds employees.

"This is PPG's 10th coatings acquisition since early 1997, including November's purchase from Akzo Nobel of the Porter Paints architectural coatings business in the United States," said PPG Executive Vice President E. Kears Pollock. "These portfolio additions reflect our disciplined strategy to profitably expand the faster-growing, most consistent businesses in which we have clear technology and customer service strengths. We now have a solid global position in the diverse but specialized field of packaging coatings," Pollock added. "This acquisition enhances our ability to provide a full range of products with outstanding quality and service to customers around the world."

PPG, headquartered in Pittsburgh, had 1997 sales of US$7.4 billion. The company is a global maker of automotive and industrial coatings, fiber glass and chemicals, and a major North American producer of flat glass and architectural coatings.