PPG, a provider of paints, coatings and specialty materials, has agreed to sell 100% of its architectural coatings business in the U.S. and Canada at a transaction value of $550 million to American Industrial Partners (AIP), an industrials investor.
The transaction, which is expected to close in late 2024 or early 2025, subject to customary closing conditions, is the result of PPG’s evaluation of strategic alternatives for the business, which was first announced on February 26. Goldman Sachs & Co. LLC acted as PPG’s exclusive financial advisor and Hogan Lovells U.S. LLP served as its legal advisor.
“We are pleased to reach an agreement with American Industrial Partners and believe the business is well positioned to leverage its current positive momentum, leading brands, proven innovation, established customers, and dedicated and talented employees,” said Tim Knavish, PPG chairman and chief executive officer.
PPG’s architectural coatings business in the U.S. and Canada includes brands Glidden, Olympic, Liquid Nails, Homas, Pittburgh Paints & Stains, Manor Hall, Flood, Dulux (in Canada) and Sico, among others. The business manufactures and sells interior and exterior paints, stains, caulks, repair products, adhesives and sealants for homeowners and professionals. It also includes certain light-duty protective coatings products that are primarily sold through company-owned stores and manufactured through a common factory footprint.
The transaction includes the following various architectural coatings facilities.
