PPG closes deal for European coatings group Dyrup
PPG Industries has completed its purchase of Denmark-based coatings company Dyrup A/S from its owner, public holding company Monberg & Thorsen.
The final transaction value, including assumed debt, was €115 million ($150 million), subject to customary post-closing adjustments, the company said.
“We are pleased to begin the processes of integrating Dyrup and its many highly skilled employees into our European business and of securing the future for Dyrup’s brands and customers,” said J. Rich Alexander, PPG executive vice president who leads all of the company’s architectural coatings businesses.
“The acquisition of Dyrup will help grow PPG’s presence in several key European countries where PPG today has little or no architectural coatings presence, as well as broaden our product offerings,” he added.
Dyrup, a European producer of architectural coatings and specialty products, had 2010 sales of approximately €190 million ($270 million).
It employs about 950 people and operates six manufacturing facilities in Europe.
Dyrup’s brands include Bondex, Gori and Xylophene, and its products are sold primarily in Denmark, France, Germany, Portugal, Poland and Spain through professional and do-it-yourself channels.
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