PPG to acquire coatings producer Spraylat
PPG Industries announced it has reached a definitive agreement to acquire certain assets of Spraylat Corp., a privately-owned company that specializes in industrial liquid and powder coatings that are applied to metal, glass and plastic substrates. The transaction is expected to close in late 2012 subject to regulatory approval and customary closing conditions, according to a PPG release. Financial terms were not disclosed.
Spraylat Corp. had annual sales of approximately $125 million in 2011. The company operates production facilities in the U.S., Europe and China, and it employs about 300 people, according to the release.