Paints, coatings and specialty materials supplier PPG (NYSE: PPG), Pittsburgh, Pennsylvania, on Monday announced that it has agreed to acquire Ennis-Flint, a Greensboro, North Carolina-based manufacturer of coatings, for $1.2 billion.
Ennis-Flint boasts a broad portfolio of pavement marking products, including paint, thermoplastics and other advanced traffic technologies.
“The acquisition of Ennis-Flint will further expand our product offering and opportunities in rapidly developing and high-growth mobility technology solutions,” said Michael McGarry, PPG chairman and CEO. “The company is well known for its high-quality products, technical expertise and innovative systems. The addition of Ennis-Flint’s products further enhances our existing mobility technologies in support of increased automotive occupant safety through driver-assisted and autonomous driving systems. We look forward to the Ennis-Flint team joining PPG and working together to further expand the company’s product distribution on a global scale.”
Ennis-Flint, a privately held company, employs approximately 1,000 people globally and its full year of 2020 revenue is expected to be $600 million, with mid-teen percentage EBITDA margins.
“We are excited to join the global PPG family,” said Matt Soule, president and CEO of Ennis-Flint. “Our products and technologies are excellent complements to PPG’s current product offering, and the ability to leverage PPG’s world-class innovation and broad geographical footprint will provide more growth opportunities for our products and employees in the future.”
Partners Elizabeth Donley and Derrik Forshee of the law firm Hogan Lovells served as the lead legal advisers for PPG in the acquisition.