PPG to Acquire High-heat-resistant Coatings Supplier
February 3, 2014
PPG Industries announced that it has reached a definitive agreement to acquire 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. The transaction is expected to close in the first quarter, subject to customary closing conditions. Financial terms were not disclosed. Hi-Temp is a global supplier of coatings that withstand extreme temperatures to protect both carbon steel and stainless steel substrates. The company’s coatings are used widely in refineries, petrochemical plants, pulp and paper mills, and power plants. Hi-Temp’s products, including HI-TEMP® 1027, the industry-leading corrosion under insulation (CUI) coating, may also be applied while equipment is hot and in operation, reducing facility downtime during maintenance. “PPG looks forward to integrating Hi-Temp coatings into our product offering,” said Tim Knavish, PPG vice president, protective and marine coatings. “Hi-Temp’s unique technologies bring multiple growth opportunities to PPG, particularly in the petrochemical segment. Combining their excellent corrosion-under-insulation coatings portfolio with PPG’s legacy portfolio enables us to provide additional high-quality options to meet more of our customers’ coatings needs.” 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.