PPG has agreed to acquire Dexmet Corp., a manufacturer of specialty materials for surfaces in aerospace, automotive and industrial applications, from Boston PE firm Sverica Capital Management LP. The acquisition should enable PPG to enhance its product offerings, expand its R&D capabilities and increase its market reach, including in aircraft lightning strike protection.
The transaction is expected to close in the third quarter 2019. Terms were not disclosed.
Wallingford, Conn.-based Dexmet, founded in 1948, employs approximately 75 people.
“Dexmet’s leadership in aerospace surface technologies will provide strategic additions to the broad portfolio of aerospace coatings we deliver today, and PPG’s research and development team will leverage Dexmet’s expertise in ultra-thin metal mesh foil and polymer mesh across the markets we serve,” PPG Global Vice President of Aerospace Daniel Korte said in a statement. “In addition, Dexmet’s customer-focused business model is highly complementary to PPG’s business, allowing for a seamless integration process.”
Pittsburgh-based PPG operates in more than 70 countries and reported net sales of $15.4 billion in 2018.