PPG completes €115m acquisition of Danish coatings firm Dyrup

05 January 2012 15:26  [Source: ICIS news]

LONDON (ICIS)--PPG Industries has completed the acquisition of Danish-based coatings firm Dyrup for €115m, the US-based chemicals firm said on Thursday.

PPG finalised due diligence on the deal to buy Dyrup from public holding company Monberg & Thorsen in October last year.

The final transaction value, including assumed debt, was €115m ($149m), subject to customary post-closing adjustments, PPG said.

“The acquisition of Dyrup will help grow PPG’s presence in several key European countries where PPG today has little or no architectural coatings presence, as well as broaden our product offerings,” said J Rich Alexander, PPG executive vice president, who leads all the company’s architectural coatings businesses.

In May, when PPG announced the acquisition, it had put the transaction value at around €135m.

Dyrup, a producer of architectural coatings, employs 950 people and operates six plants in Europe. It had sales of about €190m in 2010.

($1 = €0.77)

By: Franco Capaldo
+44 (0)20 8652 3214

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