PPG finalizes Dyrup purchase agreement

PPG Industries has finalized the purchase agreement to acquire European coatings company Dyrup A/S, based in Copenhagen, Denmark, from its owner, Monberg & Thorsen, a public holding company. The final transaction value, including assumed debt, has been set at €115 million ($160 million). Both parties have agreed on a closing date of Jan. 5, 2012. The acquisition of Dyrup will help PPG to grow its presence in Europe through Dyrup's established brands, particularly in wood care products. "[The acquisition] will help to grow PPG's presence in key countries such as Poland, France and Denmark, and to establish PPG in Portugal, Spain and Germany, where PPG today has little or no architectural coatings presence," said Viktor Sekmakas, president, PPG Europe.