PPG finalizes deal for European coatings firm Dyrup
PPG Industries has finalized its purchase agreement to acquire European coatings company Dyrup A/S, based in Copenhagen, Denmark, from its owner, Monberg & Thorsen, a public holding company.
The final transaction value, including assumed debt, has been set at €115 million ($160 million). Both parties have agreed on a closing date of Jan. 5, 2012, they said.
“Once finalized, the acquisition of Dyrup will enable PPG to continue to expand its geographic reach within Europe as well as its product portfolio to include Dyrup’s established strong brands, particularly in wood care products,” said J. Rich Alexander, PPG executive vice president who leads all of the company’s architectural coatings businesses.
“We look forward to integrating Dyrup and its many highly skilled employees into our European business and to securing the future for Dyrup’s brands and customers,” he added.
Viktor R. Sekmakas, president, PPG Europe, added that the acquisition “will help to grow PPG’s presence in key countries such as Poland, France and Denmark, and to establish PPG in Portugal, Spain and Germany, where PPG today has little or no architectural coatings presence. We look forward to completing the transaction in early January 2012.”
Jørgen Nicolajsen, president and CEO, Monberg & Thorsen, said: “We are pleased that we have now reached a final and binding agreement with PPG following the due diligence process. Dyrup and PPG represents a strong strategic combination with possibilities for further growth and synergies.”
Dyrup, a European producer of architectural coatings and specialty products, had 2010 sales of approximately €190 million ($270 million).
It employs about 950 people and operates six manufacturing facilities in Europe.
Dyrup’s brands include Bondex, Gori and Xylophene, and its products are sold primarily in Denmark, France, Germany, Portugal, Poland and Spain through professional and do-it-yourself channels.
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