PPG to acquire AkzoNobel North American architectural coatings business in $1 billion deal

PPG Industries announced, December 14, that it has reached a definitive agreement to acquire the North American architectural coatings business of AkzoNobel, in a deal valued at $1.05 billion. The transaction has been approved by the boards of directors of both companies and is expected to close in early second quarter 2013, subject to regulatory approvals, according to a PPG release.

“This acquisition continues the accelerated pace of our business portfolio transformation through further expansion of our coatings businesses,” said Charles Bunch, PPG chairman and CEO, in the release. “It is also an attractive way to significantly increase our scale in the North American architectural paint market, which we anticipate will benefit from a prolonged construction market recovery.”

The acquisition includes all AkzoNobel North American architectural coatings manufacturing and distribution facilities, paint stores, product lines and employees related to the production, sale and distribution of architectural coatings in the United States, Canada and the Caribbean.