PPG Industries acquired AkzoNobel North American architectural coatings business for $1.05 billion, a transaction completed in April 2013, structured as all cash. The deal was a Carve-out.
AkzoNobel North American architectural coatings business operates in Architectural coatings - Americas and Asia Pacific (Performance Coatings), is based in United States, Canada and the Caribbean, had revenue of about Net sales of approximately $1.2 billion for the year ended December 31, 2013 (reported by PPG from date of acquisition). The North American architectural (decorative paints) coatings business of Akzo Nobel N.V., Amsterdam. The deal more than doubled PPG's North American architectural coatings presence and extended its reach across all three major North American architectural distribution channels - home centers, independent paint dealers and company-owned paint stores - expanding the company-owned store network to approximately 1,000 locations.
This acquisition continues the accelerated pace of our business portfolio transformation through further expansion of our coatings businesses. 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.
More than doubled PPG's North American architectural coatings presence and added access to all three major distribution channels. Architectural coatings - Americas and Asia Pacific business (Performance Coatings reportable segment)
This acquisition continues the accelerated pace of our business portfolio transformation through further expansion of our coatings businesses. 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.Charles E. Bunch, Chairman and CEO, PPG Industries
Advisory firms were not disclosed for this transaction.