PPG Industries (PPG) Buys Remaining Stake in PPG Univer S.p.A
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PPG (NYSE: PPG) announced that it has purchased the remaining 50 percent ownership interest in PPG Univer S.p.A from its joint-venture partner, Univer Italiana S.r.l. Financial terms were not disclosed.
PPG Univer manufactures architectural and liquid industrial coatings and, with its affiliates, employs about 150 people. It operates a network of 12 retail stores in Italy and maintains administrative offices and a production facility in the town of Cavallirio, Italy.
“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 senior vice president, global architectural coatings, and president, PPG Europe, Middle East and Africa (EMEA).
Loïc Derrien, PPG general manager, architectural coatings, EMEA south, said, “Over the last 10 years, the PPG Univer team has established a successful coatings business, and we look forward to further leveraging PPG’s capabilities to continue growing our brands in Italy.”
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