13 July 2012 07:49 [Source: ICIS news]
SINGAPORE (ICIS)--US-based chemicals, coatings and specialty materials producer PPG Industries (PPG) said on Friday that it has received approval from Indian authorities to expand its coatings joint venture with Asian Paints Ltd (APL), ?xml:namespace>
PPG and APL will expand their current 50:50 joint venture, Mumbai-based Asian PPG Industries, to produce industrial liquid, marine, consumer packaging and transportation coatings, PPG said in a statement.
The company did not disclose further details on the expansion.
The two companies will also form a second 50:50 joint venture, Asian Paints PPG Ltd, to produce protective, industrial powder, industrial container and light industrial coatings, it added.
The expansion will “position both companies for accelerated growth in nondecorative coatings to take advantage of the long-term growth on the Indian economy,” said Mike Horton, president of PPG Asia-Pacific, and vice president of automotive refinish and architectural coatings, Asia-Pacific said in the statement.
No further details were immediately available on the second joint venture.
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