Bike Coating Producer SigmaKalon Sold
PITTSBURGH, USA – PPG Industries acquired SigmaKalon Group, a worldwide coatings producer, from Bain Capital. The total transaction value is approximately 2.2 billion. SigmaKalon produces among them bike coatings and
PITTSBURGH, USA – PPG Industries acquired SigmaKalon Group, a worldwide coatings producer, from Bain Capital. Both parties signed a Sale and Purchase Agreement upon the completion of discussions with appropriate employee representative bodies. The total transaction value is approximately €2.2 billion.
Based in Uithoorn, the Netherlands, SigmaKalon produces among them bike coatings and is a leading coatings supplier in Europe and other key markets across the globe. The acquisition would give PPG a stronger, more balanced coatings business in Europe.
“We are pleased with how the sale process has progressed, and continue to be pleased with management’s efforts to move the business forward,” said Steve Barnes, Managing Director at Bain Capital based in Boston. “SigmaKalon has very successfully developed over the last four years, and we believe the combination with PPG will allow the company to continue its successful strategy.”
Pittsburgh-based PPG is a global supplier of paints, coatings, chemicals, optical products, specialty materials, glass and fiber glass. The company employs more than 34,000 people and has 125 manufacturing facilities and equity affiliates in more than 25 countries. Sales in 2006 were $11 billion. PPG shares are traded on the New York and Philadelphia stock exchanges.