Coatings giant PPG Industries Inc. (PPG - Free Report) has closed its earlier-announced acquisition of specific assets of privately-held specialty coatings company Deft Incorporated. The Pittsburgh-based company cut a definitive deal to buy the assets in Apr 2013. The financial terms of the transaction were undisclosed.
Irvine, Calif.-based Deft supplies structural primers, chrome-free primers and military topcoats to the North American aviation industry. It also makes wood finishes for the retail market.
The acquisition of Deft’s assets expands PPG Industries’ product portfolio and strengthens its position as a leading coatings supplier for the aerospace industry. Deft’s waterborne and chrome-free technologies complement the company’s existing coatings capabilities.
PPG Industries and Deft share a rich history of developing technologies that support the growing adoption of improved environmentally sustainable solutions by the aviation industry. With Deft’s green coating systems, PPG Industries is now better placed to offer a wide array of coatings solutions to its customers with lower environmental impact.
PPG Industries has a diversified business, both in terms of products offered and geographical presence. It has a leading position in several paints and coatings end markets. PPG Industries caters to the aviation industry through its aerospace products and services business – PPG Aerospace – a global supplier with 18 coatings facilities across the planet.
PPG Industries is taking steps to grow its business inorganically by making a number of acquisitions. It recently closed the acquisition of the North American architectural coatings business of Dutch paints company AkzoNobel, N.V. (AKZOY - Free Report) for $1.05 billion. This marked the second-largest acquisition in the company’s history.
PPG Industries currently holds a short-term Zacks Rank #3 (hold).
Other companies in the chemical space that are worth considering include Methanex Corporation (MEOH - Free Report) and Celanese Corporation (CE - Free Report) . Both retain a Zacks Rank #1 (Strong Buy).