American Industrial Partners Completes Acquisition of PPG's U.S. and Canadian Architectural Coatings Business

Rhea-AI Summary

American Industrial Partners (AIP) has completed its acquisition of PPG's U.S. and Canadian architectural coatings business, renaming it The Pittsburgh Paints Company. The 125-year-old company, among the industry's top three producers of interior and exterior paints and related products, will serve professionals and DIY customers across the United States and Canada. The company will also act as the exclusive distributor for PPG's Protective and Marine Coatings business in the region. The newly independent company aims to leverage its legacy of innovation and product excellence for transformation and growth under AIP's ownership.

Positive

• Positioned as one of top three producers in the industry
• Secured exclusive distribution rights for PPG's Protective and Marine Coatings
• Maintains established market presence across U.S. and Canada
• Independence allows for more focused business operations

Negative

• Separation from PPG's broader resources and infrastructure
• Potential transition and restructuring costs as independent entity

News Market Reaction – PPG

+1.29%

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+1.29% News Effect

On the day this news was published, PPG gained 1.29%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

125-year-old business, renamed The Pittsburgh Paints Company, will be wholly focused on supplying professionals and DIYers with industry leading products and best-in-class innovation

CRANBERRY TOWNSHIP, Pa., Dec. 2, 2024 /PRNewswire/ -- American Industrial Partners ("AIP"), today completed its previously announced acquisition of the U.S. and Canadian architectural coatings business (the "Company") of PPG (NYSE:PPG). The Company has been renamed The Pittsburgh Paints Company ("Pittsburgh Paints Co."), honoring its mission and deep heritage delivering architectural paint and stain product excellence and innovation to commercial and residential customers across the United States and Canada. The name, The Pittsburgh Paints Company, carries a rich history dating back to 1897, when the original company began marketing paints designed to be both durable and visually appealing.

Pittsburgh Paints Co. is among the industry's top three producers of interior and exterior paints, stains, caulks, repair products, adhesives, and sealants for professionals and do-it-yourselfers across the United States and Canada. The Company will also serve as the exclusive distributor for PPG's Protective and Marine Coatings ("PMC") business in the region, which provides cutting-edge products and services that protect assets in some of the world's most challenging industries and environments.

"Now a newly independent company, we call on Pittsburgh Paints Co.'s 125-year legacy of innovation and product excellence as we chart an aggressive course of transformation and renewal within this extraordinary industry," said Rick Hoffman, Partner at AIP. "Pittsburgh Paints Co.'s broad foundation, respected brand portfolio, and experienced team are primed for growth, and we are proud to be their partners."

"AIP is the ideal partner to support our growth objectives and to build upon the exceptional customer service that is the foundation of our business," said Jaime Irick, Chief Executive Officer of Pittsburgh Paints Co. "Our entire organization is excited about the opportunity ahead as we build a faster, more focused, and stronger company."

About The Pittsburgh Paints Company
With 125 years of product innovation, Pittsburgh Paints Co.'s portfolio includes some of the industry's most iconic and respected brands: GLIDDEN^®, OLYMPIC^®, PITTSBURGH PAINTS & STAINS^®, LIQUID NAILS^®, Manor Hall^®, HOMAX^®, TRUEFINISH^®, MULCO^®, FLOOD^®, DULUX^® (in Canada), and SICO^®. Products are available at THE HOME DEPOT^®, WALMART^®, MENARDS^®, LOWES^®, independent retailers, and 750+ PITTSBURGH PAINTS CO. company stores. Pittsburgh Paints Co.'s headquarters is in Cranberry Township, Pennsylvania, located 20 minutes northeast of Pittsburgh, Pennsylvania. Learn more at pittsburghpaintsco.com and follow us on LinkedIn. #NewNameSameLegacy

About American Industrial Partners
American Industrial Partners ("AIP") is an industrials investor, with approximately $17 billion in assets under management. AIP is distinctively focused on industrial businesses across end markets that include: aerospace and defense, automotive, building products, capital goods, chemicals, industrial services, industrial technology, logistics, metals & mining, and transportation, among others. AIP looks to generate differentiated returns by investing in quality industrial businesses with strong management teams and working with those teams to implement comprehensive Operating Agendas to build long-term value. Current AIP portfolio companies generate aggregate annual revenues of approximately $26 billion and employ approximately 74,000 employees as of September 30, 2024. www.americanindustrial.com 

Media Contacts:

American Industrial Partners
pro-AIP@prosek.com

The Pittsburgh Paints Company
Jamie Altman & Katie Regan
media@kirkpat.com

 

View original content:https://www.prnewswire.com/news-releases/american-industrial-partners-completes-acquisition-of-ppgs-us-and-canadian-architectural-coatings-business-302319918.html

SOURCE American Industrial Partners

FAQ

What is the new name of PPG's former architectural coatings business?

The business has been renamed The Pittsburgh Paints Company, honoring its 125-year heritage dating back to 1897.

What products does The Pittsburgh Paints Company offer?

The company produces interior and exterior paints, stains, caulks, repair products, adhesives, and sealants for professionals and do-it-yourselfers.

Who acquired PPG's architectural coatings business in the US and Canada?

American Industrial Partners (AIP) acquired the business and completed the transaction on December 2, 2024.

Will The Pittsburgh Paints Company maintain any relationship with PPG?

Yes, the company will serve as the exclusive distributor for PPG's Protective and Marine Coatings business in the U.S. and Canada.