PPG reaches agreement to sell architectural coatings U.S. and Canada business to American Industrial Partners; announces comprehensive cost reduction program
October 17, 2024
PITTSBURGH--(BUSINESS WIRE)-- PPG (NYSE: PPG), a global leader in paints, coatings, and specialty materials, today announced that it has reached a definitive agreement 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, 2024. Net cash paid to PPG at closing will include customary adjustments for working capital and net debt. Goldman Sachs & Co. LLC acted as PPG’s exclusive financial advisor and Hogan Lovells U.S. LLP served as its legal advisor.
The company today also announced...
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