An agreement was announced for PPG Industries to purchase the store operations of IPM Group, including the Iowa Paint and Sterling Paint brands. RJF International is purchasing the Comwall Wall Covering Products division. Since 1933, IPM Group Inc. has been supplying a wide variety of paint coatings for both interior and exterior surfaces across the Midwest.
“This has been a very difficult decision for me,” said Tom Goldman, president of IPM Group Inc. “However, the business climate is such that it is an appropriate time to look at a variety of options that allow for growth, new opportunities and continued success in the industry. We are confident that PPG Industries can take IPM Group to that next level of success.”
Under the terms of the agreement all IPM Group employees, including union members, will transition to PPG Industries. Provisions have been made for severance pay and outplacement support for employees who may be displaced by the consolidation of IPM into PPG. IPM Group employs over 275 people in eight states.
“Iowa Paint has developed a well-earned reputation for performance and service, and we’re delighted to be able to add the Iowa and Sterling brands to our family of architectural finishes,” said Dick Beuke, PPG’s vice president of architectural coatings. “This geographic extension will expand the reach of our distribution network and add to the vitality and strength of our business.”
RJF International Corporation has negotiated terms to purchase IPM’s Comwall Wall Covering Products division. Under terms of the agreement, Comwall employees will transition to RJF and the Des Moines, IA office will remain operational.
PPG Industries to Purchase IPM Group Assets
By Tim Wright
Published December 16, 2005
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