announced that it has reached a definitive agreement with private equity firm Sverica Capital Management LP to acquire Dexmet Corporation, a manufacturer of specialty materials for surfaces in aerospace, automotive and industrial applications.
The transaction is expected to close in the third quarter 2019, subject to customary closing conditions. Financial terms were not disclosed.
“The acquisition of Dexmet will enable PPG to provide further value to our customers by enhancing our range of product offerings, expanding our research and development capabilities, and increasing our market reach across PPG’s aerospace, automotive and industrial coatings businesses,” said Michael McGarry, PPG chairman and CEO.
Dexmet, headquartered in Wallingford, Connecticut, was founded in 1948. The company specializes in customized expanded and perforated metal foils and polymers used for mission-critical applications in aerospace, energy storage, and other industrial applications. Dexmet employs approximately 75 people.
"PPG's technological leadership and commitment to innovation aligns well with Dexmet and will enable us to significantly broaden the solution set we bring to our customers," Dexmet CEO Timothy Poor said.
“Dexmet’s leadership in aerospace surface technologies will provide strategic additions to the broad portfolio of aerospace coatings we deliver today, and PPG’s research and development team will leverage Dexmet’s expertise in ultra-thin metal mesh foil and polymer mesh across the markets we serve,” added Daniel Korte, PPG global VP, aerospace. “In addition, Dexmet’s customer-focused business model is highly complementary to PPG’s business, allowing for a seamless integration process.”