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PPG completes acquisition of German automotive coatings comp

October 10, 2020


PPG's acquisition of Tikkurila has not yet been settled, and recently announced the completion of the acquisition of Wörwag, an automotive coating company. The specific financial situation of the acquisition has not yet been disclosed.
 
It is reported that Wörwag is a global manufacturer of coatings for industrial and automotive applications. Headquartered in Stuttgart, Germany. Wörwag was founded in 1918 and has approximately 1,100 employees worldwide. The company focuses on the development of sustainable liquid, powder and film coatings, with operations in Germany, the United States, China, South Africa, Mexico, Spain, Switzerland and Poland.
 
The acquisition will strengthen PPG's water-based, direct metal, liquid and powder coating product segments, and enable PPG to further expand its regional business scope and product range.
 
Rebecca Liebert, Executive Vice President of PPG, said: "The acquisition of Wörwag is another step in PPG's strategic growth plan and will provide our customers and shareholders with greater value." "Both companies have a long history of providing high-quality and sustainable solutions. History. Wörwag's customer and product business footprint, sustainable development strategy and customer-centric mission are highly complementary to PPG's business. We look forward to serving PPG and Wörwag customers in new ways, and continue to develop industry-leading Automotive paint portfolio."
 
This is not the first time PPG has dealt with automotive coatings companies. As early as January last year (2020), PPG announced the acquisition of ICR (Industria Chimica Reggiana), an Italian manufacturer of automotive refinish and light industrial coatings, which mainly produces automotive refinish products;
In April of this year, PPG made another move, announcing the acquisition of Cetelon Lackfabrik GmbH, a manufacturer of automotive and light truck wheel coatings. In addition to being very concerned about the automotive coatings field, PPG has also acquired raw material company VersaFlex and global coatings manufacturer Ennis-Flint in the past two years... The acquisitions continue, and the ambitions are clear.
 
In the newly disclosed financial report for the first quarter of 2021, PPG's performance reached a record high, with revenue exceeding US$3.9 billion (approximately RMB 25.1 billion), a growth rate of 15%. In 2020, it will achieve global net sales of 13.8 billion U.S. dollars (approximately RMB 88.7 billion), and maintain strong growth despite continuous acquisitions.