PPG Industries recently announced it has finalized the purchase agreement to acquire European coatings company Dyrup A/S, Copenhagen, Denmark, from its owner, Monberg & Thorsen, a public holding company. The final transaction value, including assumed debt, has been set at €115 million ($160 million), based on final due diligence. Both parties have agreed on a closing date of Jan. 5, 2012.
“Once finalized, the acquisition of Dyrup will enable PPG to continue to expand its geographic reach within Europe, as well as its product portfolio to include Dyrup’s established strong brands, particularly in wood care products,” said J. Rich Alexander, PPG executive vice president who leads all of the company’s architectural coatings businesses. “We look forward to integrating Dyrup and its many highly skilled employees into our European business, and to securing the future for Dyrup’s brands and customers.”
Viktor R. Sekmakas, president of PPG Europe, added that the acquisition “will help to grow PPG’s presence in key countries such as Poland, France and Denmark, and to establish PPG in Portugal, Spain, and Germany, where PPG today has little or no architectural coatings presence. We look forward to completing the transaction in early January 2012.”
Jørgen Nicolajsen, president and CEO, Monberg & Thorsen, said, “We are pleased that we have now reached a final and binding agreement with PPG following the due diligence process. Dyrup and PPG represent a strong strategic combination with possibilities for further growth and synergies.”
For more information, visitwww.dyrup.comorwww.ppg.com.