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    Home > Coatings News > Paints and Coatings Market > PPG acquires paint company ICR, continues to expand in 2020

    PPG acquires paint company ICR, continues to expand in 2020

    • Last Update: 2021-07-21
    • Source: Internet
    • Author: User
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    Recently, PPG announced that it has acquired Indian Chimica Reggiana (ICR) SpA, an Italian manufacturer of automotive refinish and light industrial coatings
    .
    Reach a final agreement

    .
    The transaction is expected to be completed in the first quarter of 2020

    .
    Financial terms have not been disclosed

    .

    ICR was founded in 1961 and is headquartered in Italy.
    It mainly produces automotive refinish paint products, including putty, primer and varnish under the SPRINT brand

    .
    The company also provides a full range of coatings, enamels and primers for light commercial vehicles and other light industrial coatings applications

    .
    ICR has approximately 180 employees and its products are sold to more than 70 countries in Europe, Africa, the Middle East, the United States and Latin America

    .

    Gary Danowski, Vice President of PPG Global Automotive Refinish, said: "PPG’s acquisition of ICR will complement our current offerings in the automotive refinish and light industrial coatings industries, and add specialized value-added products to meet the needs of distributors and body repair shops.

    We look forward to continuing to provide products and services that ICR customers trust.
    We welcome ICR employees to join PPG

    .
    "

    According to observations in recent years, PPG acquisition channels are still active in various regions and professional markets, and continued to seek expansion acquisitions have become the company's long-term strategic goal
    .

    On January 16, 2020, PPG Industries announced the fourth quarter and full-year financial report of 2019
    .
    The financial report shows that

    In 2019, PPG achieved sales of US$15.
    146 billion, a year-on-year decrease of 1.
    5%.
    The net profit from continuing operations in 2019 was US$1.
    243 billion, a year-on-year decrease of 7.
    88%

    .

    PPG's annual sales reached 15.
    146 billion US dollars, a year-on-year decrease of 1.
    5%;

    Net profit from continuing operations in 2019 was US$1.
    243 billion, a year-on-year decrease of 7.
    88%, and it was US$1.
    341 billion in 2018;

    PPG Industry’s sales in the fourth quarter were US$3.
    672 billion, an increase of 1% year-on-year, and the cost of sales (excluding depreciation and amortization) in the fourth quarter was US$2.
    11 billion, basically the same as the same period last year

    .
    The annual cost of sales was 8.
    653 billion U.
    S.
    dollars, lower than last year's 9 billion U.
    S.
    dollars

    .

    The net profit attributable to the parent company in the fourth quarter was US$292 million, a year-on-year increase of 13%
    .
    The annual net profit was US$1.
    243 billion, a year-on-year decrease of 7.
    3%

    .

    The report shows that the decline in performance in 2019 was mainly due to: the weakening of global manufacturing activities, which affected the market for many of the company's industrial products; the weak overall industrial demand in the United States and Europe; and the continued low productivity of the global automotive industry
    .

    Michael H.
    McGarry, chairman and chief executive officer of PPG, said the company’s adjusted earnings per share for the second consecutive quarter increased by more than 10%, reflecting the continuous improvement in the operating profit margin of the company’s division

    .
    China's industrial demand has begun to recover, which will promote the company's business growth

    .

    Beginning in 2020, the organic growth of PPG high-performance coatings is expected to continue, and the industrial coatings sector is expected to resume growth in the second half of 2020
    .

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