Global coatings, paints and specialty materials supplier PPG has recently announced that it has entered into a definitive agreement for the acquisition of Whitford Worldwide Company, which supplies nonstick and low-friction coatings for consumer products and industrial applications. Financial terms regarding the transaction were not revealed but the deal is expected to close in the first quarter of 2019.
PPG Chairman and CEO, Michael McGarry said acquiring Whitford will enable PPG to drive customer and shareholder value further, by enhancing its product range, research and development capabilities. It will expand PPG’s global market reach in the growing industrial coatings segment, McGarry explained.
For the uninitiated, Whitford was founded in 1969 and is a privately held company, having its headquarters in Elverson, Pennsylvania. It specializes in producing low-friction, wear-resistant coatings used in industries such as aerospace, automotive, construction and energy. The company also makes nonstick coatings for bakeware, cookware and small electric appliances.
Dave Willis, founder of Whitford and its Board Chairman, was quoted saying that joining PPG is a giant steal forward for Whitford. Through this deal, the company would gain access to diverse R&D facilities, new technologies, strong financial support, along with global exposure into areas Whitford looked for expansion but did not have enough resources, Willis stated.
The leadership of Whitford in low-friction and non-stick coatings would offer strategic additions to PPG’s strong portfolio of industrial coatings solutions it delivers currently, mentioned PPG senior vice president of industrial coatings, Tim Knavish. Also, Whitford’s extensive fluoropolymer chemistry expertise will be leveraged by PPG’s R&D organization across the markets PPG serves.
Knavish added that the global footprint of Whitford and its high-touch, customer centric business model are extremely complementary to PPG’s business, which will allow for a seamless integration process. Whitford, for the record, has over 700 employees and its 10 manufacturing facilities are spread across the globe, located in U.S., Canada, Italy, Brazil, India, U.K., China and Singapore.