By CRM Staff
Toronto, Ontario -- January 7, 2019 --Paints and coatings giant PPG has agreed to a deal to acquire family-owned German firm Hemmelrath.
The acquisition - for an undisclosed figure – is expected to be completed in the next six months.
Coatings manufacturer Hemmelrath, which employs more than 450 people, supplies automotive plants around the world.
Though headquartered in Klingenberg, Bavaria, the firm also operates plants in nearby Erlenbach as well as in Jilin, China; Duncan, South Carolina; and Indaiatuba, Brazil.
Seven million vehicles are coated with its products every year.
PPG chairman and CEO Michael McGarry said the acquisition is “another step forward” in his company’s strategic growth plan.
He added: “We are excited to add Hemmelrath to our robust and diversified automotive coatings offering.”
PPG, which reported net sales of $14.7 billion in 2017, employs over 47,000 workers and operates in more than 70 countries – including at six locations in Canada.
But senior vice president for automotive coatings Rebecca Liebert said the Pittsburgh-headquartered firm looked at the deal as “complementary”.
“The acquisition will enhance PPG’s automotive coatings offering, and add formulating and manufacturing solutions,” she said.