The acquired assets include inventory, accounts receivable, selected equipment, brand names, formulations and customer lists. Champion's existing plant in Houston will not be acquired by PPG, but will continue to manufacture Champion products for PPG for the foreseeable future.
PPG, with last year's acquisition of Ameron's Performance Coatings and Finishes business, has become a growing participant in the protective and marine coatings business.
"We are continuing to accelerate our profitable growth in coatings by making strategic acquisitions," said Rich Alexander, senior vice president, coatings. "By acquiring Champion, PPG will be able to leverage new opportunities and strengthen its overall presence in the global protective and marine coatings business."