PPG to Acquire Global Coatings Manufacturer Wörwag
PPG (NYSE:PPG) has announced a definitive agreement to acquire Wörwag, a coatings manufacturer for industrial and automotive applications. The deal is expected to finalize in the first half of 2021, pending regulatory approvals. Wörwag, founded in 1918 and based in Stuttgart, Germany, reported approximately 220 million euros in revenue for 2020 and employs around 1,100 people globally. This acquisition aims to enhance PPG's product offerings and expand customer distribution.
- Acquisition of Wörwag enhances PPG’s product range in liquid, powder, and sustainable coatings.
- Expected revenue growth through expanded distribution and complementary expertise.
- Acquisition completion is subject to regulatory approvals and market conditions.
- Potential risk if Wörwag fails to achieve expected revenue targets.
PPG (NYSE:PPG) today announced that it has reached a definitive agreement to acquire Wörwag, a global manufacturer of coatings for industrial and automotive applications. The transaction is expected to close in the first half of 2021, subject to customary closing conditions.
“Wörwag’s industry expertise in powder and liquid coatings for industrial and automotive applications is highly complementary to PPG’s business, and will help to further expand our product offering,” said Rebecca Liebert, PPG executive vice president. “The addition of Wörwag will also enhance PPG’s waterborne, direct-to-metal, liquid and powder coatings offerings, and allow us to further expand current customer distribution in key geographies.”
Wörwag is a family-owned company headquartered in Stuttgart, Germany, founded in 1918. The company employs about 1,100 people globally and its full year 2020 revenue is expected to be approximately 220 million euros. The company specializes in developing sustainable liquid, powder and film coatings. Wörwag operates locations in Germany, the U.S., China, South Africa, Mexico, Spain, Switzerland and Poland.
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At PPG (NYSE:PPG), we work every day to develop and deliver the paints, coatings and materials that our customers have trusted for more than 135 years. Through dedication and creativity, we solve our customers’ biggest challenges, collaborating closely to find the right path forward. With headquarters in Pittsburgh, we operate and innovate in more than 70 countries and reported net sales of
Forward-Looking Statements
The forward-looking statements contained herein include statements relating to the timing of and expected benefits of the Wörwag acquisition and Wörwag’s expected 2020 full year revenue. Actual events may differ materially from current expectations and are subject to a number of risks and uncertainties, including the satisfaction of the conditions of the acquisition and other risks related to completion of the acquisition and actions related thereto; the parties’ ability to complete the acquisition on the anticipated terms and schedule, including the ability to obtain regulatory approvals; the ability of PPG to achieve the expected benefits of the acquisition, and Wörwag’s failure to achieve its expected 2020 full year revenue; and the other risks and uncertainties discussed in PPG’s periodic reports on Form 10-K and Form 10-Q and its current reports on Form 8-K filed with the Securities and Exchange Commission.
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CATEGORY Financial
CATEGORY Automotive OEM Coatings
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