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PPG to materialise a deal with Dexmet
Posted on Tuesday, 23 July 2019 14:42
PPG Industries has agreed to acquire US-based speciality materials manufacturer Dexmet from Sverica Capital Management for an undisclosed sum.
The deal is slated to complete in the third quarter of 2019, subject to the usual raft of closing conditions.
Founded in 1948 and headquartered in Connecticut, Dexmet makes customised, expanded and highly-engineered perforated metal foils and plastics for mission-critical applications in aerospace, automotive and industrial applications.
The group has 75 employees and its offerings include copper and aluminium microgrid materials, which are used to protect composite surfaces and structures, such as aircrafts, against lightning strikes.
Michael McGarry, chief executive of PPG, said: “The acquisition of Dexmet will enable PPG to provide further value to our customers by enhancing our range of product offerings, expanding our research and development capabilities, and increasing our market reach across PPG’s aerospace, automotive and industrial coatings businesses.”
According to Zephyr, the M&A database published by Bureau van Dijk, this deal represents the purchaser’s first transaction this year, following the agreement to pick Netherlands-based paint and coatings wholesaler Hodij Coatings for an undisclosed sum in September 2018.
Established in 1883, PPG develops and distributes paints, coatings and speciality materials for the industrial, transportation and consumer markets, among others.
It has 47,000 employees and 156 manufacturing facilities worldwide, as well as two research centres in Pennsylvania.
For the six months ended 30th June 2019, PPG booked net sales of USD 7.65 billion, down from USD 7.91 billion in the corresponding period of 2018.
Zephyr shows there have been 582 deals targeting fabricated metal manufacturers announced worldwide since the beginning of 2019.
The Crane Company, through its subsidiary CR Acquisition, agreed to buy US-based CIRCOR International for USD 1.80 billion, in the largest of these.
Other targets featured in this sector include Harry’s, Forgital Italy and SouthernCarlson.
© Zephus Ltd