PPG expects the transaction to close in the first quarter 2015, following the French works council consultation process, regulatory approvals and other customary closing conditions. Financial terms were not disclosed.
Revocoat, headquartered in France, is part of the Axson Group, a world leader in high-performance operational polymer formulation. Revocoat employs more than 500 people and operates seven manufacturing facilities and one research and development center.
“Acquiring Revocoat will enable PPG to continue to strengthen its specialty materials offerings to global automotive customers,” said Cynthia Niekamp, PPG senior vice president, automotive coatings. “The business represents a true adjacency with our core automotive original equipment manufacturer (OEM) coatings business, strengthening PPG’s existing offering of sealant and adhesive products for this industry.”
“Combining the expertise of the Revocoat team with PPG’s footprint will enable us to serve our customers around the world with an enhanced product portfolio,” said Jean-Marie Greindl, president, PPG Europe, and vice president of PPG’s automotive OEM coatings business in Europe, the Middle East and Africa.
“During the last six years, the management team and employees of Revocoat have driven the business to become a strong global competitor in the automotive OEM adhesives and sealants market,” said Charles Churet, Axson president. “PPG’s automotive OEM coatings business is the best possible vehicle to bring Revocoat to the next level of performance, providing customers with a broader and stronger product offering and Revocoat employees with more opportunities for growth and personal development.”