Deals
PPG Buys Akzo U.S. Paints Unit for $1.05 Billion
This article is for subscribers only.
PPG Industries Inc. agreed to buy the North American decorative paint business of Akzo Nobel NV for $1.05 billion, on optimism the company’s Glidden brand is poised to benefit from a recovery in construction markets.
The transaction will bring $1.5 billion in additional revenue to PPG, with 600 Akzo Nobel-owned paint stores, the Pittsburgh, Pennyslvania-based company said in a statement today. The Dutch company surged 7.1 percent to 48.70 euros in Amsterdam, the most since September 2011. PPG rose 3.8 percent to a record $129.93 in New York.