PPG Industries (NYSE:PPG) announced today that it has received the
necessary approvals from Indian authorities to expand its coatings joint
venture and also to create a second joint venture with Asian Paints Ltd.
(APL), India’s largest coatings company. Financial terms were not
disclosed.
PPG and APL will expand their current 50-50 joint venture, Mumbai-based
Asian PPG Industries, to now serve India’s industrial liquid, marine,
consumer packaging and transportation coatings customers. PPG and APL
also will form a second 50-50 joint venture, Asian Paints PPG Limited,
to serve protective, industrial powder, industrial container and light
industrial coatings customers.
“The expansion of PPG’s more than 15-year successful relationship with
Asian Paints will position both companies for accelerated growth in
nondecorative coatings to take advantage of the long-term growth of the
Indian economy,” said Mike Horton, president, PPG Asia Pacific, and vice
president, automotive refinish and architectural coatings, Asia Pacific.
Both joint ventures leverage PPG’s global scale, technology and customer
relationships with APL’s Indian customer base, manufacturing footprint,
distribution channels and local relationships, according to Horton.
PPG will have effective management control of Asian PPG Industries, and
APL will have effective management control of Asian Paints PPG Limited
to best utilize the companies’ respective strengths for capturing the
growth in Indian markets, including infrastructure development, Horton
said.
About APL: ASIAN PAINTS LIMITED
Asian Paints is India’s largest paint company and ranked among the top
10 decorative coatings companies in the world with a turnover of Rs.
96.32 billion. Asian Paints along with its subsidiaries have operations
in 17 countries across the world with 24 paint manufacturing facilities,
servicing consumers in 65 countries through Berger International, SCIB
Paints – Egypt, Asian Paints, Apco Coatings and Taubmans. For further
information, please visit www.asianpaints.com.
PPG: BRINGING INNOVATION TO THE SURFACE.(TM)
PPG Industries' vision is to continue to be the world’s leading coatings
and specialty products company. Through leadership in innovation,
sustainability and color, PPG helps customers in industrial,
transportation, consumer products, and construction markets and
aftermarkets to enhance more surfaces in more ways than does any other
company. Founded in 1883, PPG has global headquarters in Pittsburgh and
operates in more than 60 countries around the world. Sales in 2011 were
$14.9 billion. PPG shares are traded on the New York Stock Exchange
(symbol:PPG). For more information, visit www.ppg.com.
Bringing innovation to the surface is a trademark of PPG
Industries Ohio, Inc.
