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PPG, the world's leading
paint maker, has announced that it has reached an agreement with the Emerging Europe Foundation to acquire DEUTEK, the Romanian paint maker owned by EAF. PPG plans to close all acquisitions in the first quarter of 2017, following regulatory approval and terms of the acquisition. In addition, the company did not disclose more financial terms.
founded in 1993, DEUTEK is home to a number of well-known
paint brands
, including OSKAR® and Danke!®, whose products are sold in 120 self-service stores and 3,500 retail stores in Romania. The company's sales in 2015 amounted to 30 million euros.
referring to the acquisition, PPG Vice President Jean-Marie Greendl was pleased: "DEUTEK's technologically advanced, well-managed service spirit and a range of masterpieces are even more impressive. Through this acquisition, PPG was able to incorporate this well-known Romanian paint brand under its wing, making up for the company'
in the
of architectural coatings. "