(By Balaseshan) PPG Industries Inc
), a supplier of protective and decorative coatings, said it has agreed to buy privately-owned industrial coatings producer Spraylat Corp. for an undisclosed sum. Shares touched a new all-time high during Wednesday's regular trade.
Pelham, N.Y.-based Spraylat specializes in high-quality industrial liquid and powder coatings with excellent performance characteristics that are applied to metal, glass and plastic substrates.
"Acquiring Spraylat furthers PPG's strategy to remain a leading industrial coatings supplier. This transaction strengthens PPG's position in key end-use markets such as automotive parts while expanding PPG's overall liquid and powder coatings capabilities," said Richard Zoulek, PPG vice president, industrial coatings, Americas.
Spraylat was founded in 1936 and now serves a customer base spanning more than 50 countries. In 2011, Spraylat had annual sales of about $125 million. The company, which employs about 300 people, operates production facilities in the U.S., Europe and China.
According to Zoulek, Spraylat holds a strong position in industrial markets such as automotive parts, architectural powder coatings, transportation, and general industrial niches, including mirror, electronic device, metal office furniture and storage, and sign coatings.
PPG operates in six business segments: performance coatings, industrial coatings, architectural coatings-EMEA (Europe, Middle East and Africa), optical and specialty materials, commodity chemicals and glass.
PPG is trading up 1.41 percent at $119.48 on Wednesday. The stock has been trading between $77.28 and $120 for the past 52 weeks.