PITTSBURGH, March 3, 2014 – PPG Industries (NYSE:PPG) today announced that it has completed its previously announced acquisition of substantially all of the assets of Hi-Temp Coatings Technology Co., Inc., a privately-owned supplier of high-temperature-resistant and insulative coatings, based in Boxborough, Mass. Financial terms were not disclosed.
The acquisition enhances the product portfolio of PPG’s protective and marine coatings business, adding coatings that withstand extreme temperatures to protect both carbon steel and stainless steel substrates. The coatings are used widely in refineries, petrochemical plants, pulp and paper mills, and power plants.
“With the acquisition of Hi-Temp and its unique technologies, we offer even more high-quality solutions for a variety of customers, including those in the petrochemical industry,” said Tim Knavish, PPG vice president, protective and marine coatings. “We look forward to leveraging these products for multiple growth opportunities for PPG’s business.”
PPG is a world leader in protective and marine coatings, with products protecting customers’ energy, infrastructure and marine industry assets in some of the world’s most demanding conditions and environments. Featured lines include the AMERCOAT®, PITT-CHAR® and SIGMA COATINGS® brands. For more information, visit www.ppgpmc.com.
PPG: BRINGING INNOVATION TO THE SURFACE.™
PPG Industries' vision is to continue to be the world’s leading coatings and specialty materials company. Through leadership in innovation, sustainability and color, PPG helps customers in industrial, transportation, consumer products, and construction 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 nearly 70 countries around the world. Net sales in 2013 were $15.1 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 expected benefits of the Hi-Temp acquisition. Actual events may differ materially from current expectations and are subject to a number of risks and uncertainties, including the failure to achieve the expected benefits of the Hi-Temp 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.
Bringing innovation to the surface is a trademark and Amercoat is a registered trademark of PPG Industries Ohio, Inc.
Sigma Coatings is a registered trademark of PPG Coatings Nederland B.V.
Pitt-Char is a registered trademark of PPG Architectural Finishes, Inc.
Hi-Temp is a registered trademark of Hi-Temp Coatings Technology Company, Inc.
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