PPG to Buy Coatings Service Provider MetoKote
US coatings giant PPG said it has reached a definitive agreement to acquire MetoKote, a compatriot coatings services provider with sales of around $200 million in 2015. Financial terms of the transaction expected to close in the third quarter were not disclosed.
Headquartered in Lima, Ohio, USA, with more than 1,500 employees. MetoKote applies coatings to its customers’ manufactured parts and assembled products. The company operates on-site coatings services at several of its customers’ manufacturing sites as well as at regional service centers in the US, Canada, Mexico, the UK, Germany, Hungary and the Czech Republic.
“This acquisition will help us to better understand and meet our customers’ critical coatings requirements,” said PPG’s executive vice president Viktor Sekmakas, who added that the decision to be acquired by the coatings producer was in response to customers’ requests to streamline the purchasing, delivery and application of coatings.
Sekmakas said the deal will simplify its customers’ operations, enabling them to focus on their core competencies of product design and manufacturing. Adding MetoKote’s assets will complement PPG’s technology and regional customer base, he remarked.
“With this acquisition, we will be able to deliver process efficiency and streamline coatings operations for our customers, helping to drive a new era of innovation,” the executive concluded.
