PPG completed the acquisition of makaron group
PPG industries announced on January 2 that the company had successfully acquired its headquarters from Bain Capital, a private investment company. At this time, makaron group, a global paint manufacturer based in Uithoorn, the Netherlands, was equipped with extensometers or strain gauges on standard tensile samples. The total transaction amount (including debt) is about 2.2 billion euros (3.2 billion dollars). PPG industries expects this acquisition to increase the company's annual sales revenue by $3billion
this acquisition is fully in line with the company's business objectives and core strategy, "said Charles E. bunch, chairman of the board and CEO of PPG industries group." with the addition of styrofoam, we are failing experiments and accelerating the shift of our business focus to coatings and special materials. "
Mr. bunch pointed out that since then, nearly 75% of the company's continuous business sales performance will come from the paint business, and more than 80% from the paint, optical products and special materials business
"symakuron is a beneficial supplement to our existing business", Mr. bunch said, "this acquisition will greatly expand our market geographical scope, expand our market share in different end product markets, and significantly increase the proportion of architectural and decorative coatings in the company's total sales."
makaron produces architectural, protective, marine and industrial coatings. The company has 22 major production bases in Europe and other major markets around the world, and directly provides its architectural coating products to professional sprayers through customer service centers. Around the world, about 500 franchise stores and 3000 authorized agents directly provide services to customers in the use of experimental machines
Mr. bunch also pointed out that the acquisition of symakron provided PPG with a powerful platform for profitable development, helping the company continue to generate revenue and increase shareholder value
"this acquisition will help us effectively rationalize the deployment of raw material procurement and make use of new and added technologies". He pointed out, "although the acquisition will dilute PPG group's earnings in 2008, the company's goal is to make the acquisition improve the company's earnings per share after relevant accounting adjustments within 12 months of the completion of the transaction."
Mr. Michael H. McGarry, vice president of PPG coatings business and general manager of Europe, said, "PPG has been very successful in the effective integration and acquisition. An effective integration process is crucial to achieving our established business goals."
mcgarry further said, "PPG will continue to ensure that our customers continue to receive high-quality products and services while we integrate."