|
PITTSBURGH -- PPG Industries (NYSE:PPG - News) has reached
agreement to acquire from privately owned Iowa Paint Manufacturing a network
of 42 architectural coatings service centers focused on professional paint
contractors and industrial customers in the Midwest. The acquisition will
also include the Iowa and Sterling brands.
Terms were not disclosed.
"Iowa Paint has developed a well-earned reputation
for performance and service, and we're delighted to be able to add the
Iowa and Sterling brands to our family of architectural finishes,"
said Richard Beuke, PPG's vice president of architectural coatings. "This
geographic extension will expand the reach of our distribution network
and add to the vitality and strength of our business."
Iowa Paint operates service centers in eight states:
Iowa, Arkansas, Illinois, Kansas, Minnesota, Missouri, Nebraska and South
Dakota.
PPG currently operates 337 company-owned architectural
coatings service centers in 23 states, manufacturing paints and stains
under the Pittsburgh Paints, Olympic, Porter, Monarch and Lucite brands.
Pittsburgh-based PPG is a global supplier of coatings,
glass, fiber glass and chemicals, with 108 manufacturing facilities and
equity affiliates in more than 20 countries. Sales were $9.5 billion in
2004.
Iowa and Sterling are trademarks of Iowa Paint Manufacturing.
Pittsburgh, Olympic, Porter and Monarch are trademarks
of PPG. Lucite, which is used under license by PPG, is a trademark of
E.I. du Pont de Nemours & Co.
Source: PPG Industries
|