PPG Finalizes Agreement to Purchase Dyrup A/SOctober 21st, 2011 by DWM Magazine
PPG Industries announced last week that it has finalized the 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 $160 million, based on final due diligence. Both parties have agreed on a closing date of January 5, 2012.
“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,” says 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.”
Dyrup, a European producer of architectural coatings and specialty products, had 2010 sales of approximately $270 million. It employs about 950 people and operates six manufacturing facilities in Europe.