US PPG reach agreement to acquire coatings firm Hi-Temp

03 February 2014 14:56  [Source: ICIS news]

LONDON (ICIS)--US coatings and specialty products company PPG Industries (PPG) on Monday has reached a definitive agreement to acquire substantially all of the assets of privately-owned Hi-Temp Coatings Technology Co.

Hi-Temp is a supplier of high-temperature-resistant and insulative coatings, based in Boxborough, Massachusetts. Its coatings are used widely in refineries, petrochemical plants, pulp and paper mills, and power plants.

Financial terms of the transaction, expected to close in the first quarter, were not disclosed.

Tim Knavish, PPG vice president of protective and marine coatings, said: “Hi-Temp’s unique technologies bring multiple growth opportunities to PPG, particularly in the petrochemical segment."

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

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