PPG (NYSE:PPG), Pittsburgh, Pennsylvania, on Monday announced that it has agreed to acquire Wörwag, a Stuttgart, Germany-based manufacturer of coatings for industrial and automotive applications. Financial terms of the deal, which is expected to close in the first half of 2021, weren’t disclosed.
“Wörwag’s industry expertise in powder and liquid coatings for industrial and automotive applications is highly complementary to PPG’s business, and will help to further expand our product offering,” said Rebecca Liebert, PPG executive vice president. “The addition of Wörwag will also enhance PPG’s waterborne, direct-to-metal, liquid and powder coatings offerings, and allow us to further expand current customer distribution in key geographies.”
Founded in 1918, Wörwag employs about 1,100 people globally and its full year 2020 revenue is expected to be €220 million (US$267.6 million). Wörwag operates locations in Germany, the U.S., China, South Africa, Mexico, Spain, Switzerland and Poland.