PPG Completes Ownership of IVC Joint Venture in Asia
The IVC joint venture was formed in 2008.
PPG recently announced that it has purchased the remaining 50% ownership interest in its Asian joint venture comprising IVC (Malaysia) Sdn Bhd and IVC-OPS (Singapore) Pte. Ltd. from its joint-venture partner, Omni-Plus System Pte. Ltd. The IVC joint venture was formed in 2008 and principally supplies industrial coatings to the appliance and electronics-materials segments. In 2016, it reportedly had sales of less than $10 million as an equity affiliate of PPG.
Included in PPG’s acquisition of the remaining 50% ownership interest in the IVC joint venture (including both the Malaysia and Singapore entities) are all machinery and equipment, property leases, working capital, customer list and relationships, and distribution and territorial rights in Asia.