PPG Industries today announced that it has reached a definitive agreement to acquire substantially all of the assets of Hi-Temp Coatings Technology Co., Inc., a privately-owned supplier of high-temperature-resistant and insulative coatings, based in Boxborough, Mass. The transaction is expected to close in the first quarter, subject to customary closing conditions. Financial terms were not disclosed.
Hi-Temp is a global supplier of coatings that withstand extreme temperatures to protect both carbon steel and stainless steel substrates. The company’s coatings are used widely in refineries, petrochemical plants, pulp and paper mills, and power plants. Hi-Temp’s products, including HI-TEMP(R) 1027, the industry-leading corrosion under insulation (CUI) coating, may also be applied while equipment is hot and in operation, reducing facility downtime during maintenance.
“PPG looks forward to integrating Hi-Temp coatings into our product offering,” said Tim Knavish, PPG vice president, protective and marine coatings. “Hi-Temp’s unique technologies bring multiple growth opportunities to PPG, particularly in the petrochemical segment. Combining their excellent corrosion-under-insulation coatings portfolio with PPG’s legacy portfolio enables us to provide additional high-quality options to meet more of our customers’ coatings needs.”
PPG is a world leader in protective and marine coatings, with products protecting customers’ energy, infrastructure and marine industry assets in some of the world’s most demanding conditions and environments. Featured lines include the AMERCOAT(R), PITT-CHAR(R) and SIGMA COATINGS(R) brands. For more information, visit www.ppgpmc.com.
About Hi-Temp Coatings Technology
Hi-Temp Coatings Technology Co., Inc., is a technological leader in the field of high-temperature-resistant coatings. The company specializes in heat-resistant coatings that are available in all colors, the prevention of corrosion under insulation, and coatings for original equipment manufacturers. The company was founded in 2001 by Fred Zupicich, who serves as its CEO. For more information, visit www.hitempcoatings.com.
PPG: BRINGING INNOVATION TO THE SURFACE.(TM)
PPG Industries' vision is to continue to be the world’s leading coatings and specialty materials 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 nearly 70 countries around the world. Net sales in 2013 were $15.1 billion. PPG shares are traded on the New York Stock Exchange (symbol: PPG).
Source: http://www.ppg.com