PPG Takes Control of Italian Coatings JV
US paints, coatings and materials company PPG Industries has purchased the remaining 50% stake in PP Univer, its Italian joint venture with Univer Italiana. Financial terms were not disclosed. PPG Univer makes architectural and liquid industrial coatings. It has a production facility in Cavallirio, Italy, and operates a network of 12 retail stores in the country.
“This transaction is an important step in PPG’s effort to continue strengthening our presence in Europe, positioning us well for further growth in Italy,” said Jean-Marie Greindl, PPG’s senior vice president, global architectural coatings and president of PPG Europe, Middle East and Africa (EMEA). The deal follows PPG’s agreement earlier this month to buy leading Romanian paint and architectural coatings manufacturer Deutek, boosting its presence in the country. This acquisition is expected to close in the first quarter of 2017.
