PPG Industries Buys Romania’s Deutek
US coatings specialist PPG Industries has agreed to buy leading Romanian paint and architectural coatings manufacturer Deutek for an undisclosed sum. PPG is buying the Bucharest-based firm from the Emerging Europe Accession Fund (EEAF), a €70 million private equity fund that was established in September 2010 to focus on investment opportunities in southeastern Europe, principally Romania and Bulgaria.
Deutek manufactures and markets a large portfolio of professional and consumer paint brands within Romania, including Oskar and Danke! The company reported sales of €30 million in 2015. Jean-Marie Greindl, PPG’s senior vice president, global architectural coatings and president of PPG Europe, Middle East and Africa (EMEA), said the acquisition adds the fastest-growing paint brands in Romania where PPG only has a small presence in architectural coatings.
The transaction is expected to close in the first quarter of 2017, subject to the usual closing conditions and regulatory approvals.
