PPG has agreed to acquire Industria Chimica Reggiana S.p.A., a manufacturer of paints and coatings for the automotive refinish and light industrial coatings industries. The strategic deal will complement PPG’s current product offering for the automotive refinish and light industrial coatings industries and add specialized, value-added products that address the needs of distributors and body shops.
The transaction is expected to close in the first quarter 2020, subject to customary closing conditions. Financial terms were not disclosed.
Founded in 1961, ICR is based in Italy and manufactures automotive refinish products, including putties, primers, basecoats and clear coats under the SPRINT brand. The company also makes a complete range of coatings, enamels and primers for light commercial vehicles and other light industrial coatings applications.
ICR employs approximately 180 people and sells its products in more than 70 countries in Europe, Africa, the Middle East, the United States and Latin America.
PPG, which is headquartered in Pittsburgh, operates in more than 70 countries and reported net sales of $15.4 billion in 2018.