US coatings giant PPG Industries said it has bought “certain assets” of Chinese automotive refinish coatings company Futian Xinshi for an undisclosed sum. The assets include Futian’s trademarks, product technology and customer list.

Located in Guangdong province, privately owned Futian supplies its products in China through a network of more than 200 distributors and had sales of about $15 million last year.

"The acquisition of Futian will further enhance PPG’s position in the growing Chinese automotive refinish coatings market," said John Outcalt, PPG’s vice president, global automotive refinish.

According to a June 2016 study by Allied Market Research, Asia-Pacific (particularly China and India) will continue to lead the global automotive refinish coatings market in the next five years due to the region’s rising purchasing power, increasing number of road accidents, and growing demand for vehicle customization.