American Industrial Partners To Acquire PPG's Architectural Coatings Business In The U.S. And Canada; Financial Terms Of Transaction Not Disclosed; PPG's Architectural Coatings Business In The U.S. And Canada Generated 2023 Revenue Of ~$2B

Building off strong foundations and iconic legacy brands, investment will enable the Company to accelerate profitable growth across the U.S. and Canada

NEW YORK, Oct. 17, 2024 /PRNewswire/ -- American Industrial Partners ("AIP"), an industrials investor, today announced that American Industrial Partners Capital Fund VIII has entered into a definitive agreement to acquire the U.S. and Canadian architectural coatings business (the "Company") of PPG, (NYSE:PPG), a global paints, coatings, and specialty materials leader.  The transaction is expected to close in late 2024 or early 2025 and is subject to customary closing conditions.

PPG's architectural coatings business in the U.S. and Canada generated 2023 revenue of approximately $2 billion and is a leading producer of interior and exterior paints, stains, caulks, repair products, adhesives, and sealants for homeowners and professionals, as well as certain light-duty protective coatings products, in the United States and Canada.  Its deep, well-known market presence includes some of the industry's most iconic brands: GLIDDEN®, PITTSBURGH PAINTS & STAINS®, Manor Hall®, OLYMPIC®, LIQUID NAILS®, HOMAX®, TRUEFINISH®, MULCO®, FLOOD®, DULUX® (in Canada), and SICO®, among others. The Company, through its stores network and dealer relationships, will also serve as the exclusive distributor for PPG's Protective Marine and Coating ("PMC") business segment, including for the distribution of brands such as AMERCOAT® and AMERLOCK®.  PPG's architectural business for the U.S. and Canada is headquartered in Cranberry, PA, and employs more than 6,000 employees across its U.S. and Canadian facilities, which includes 750 company-owned stores.