PPG Industries and its subsidiary, PPG Colombia, have entered into an agreement to purchase the coatings businesses of Colpisa Colombiana de Pinturas, a privately-owned Colombian coatings company, and its affiliates, including Colpisa Ecuador. The transaction is expected to close no later than the end of the first quarter 2012, subject to regulatory approvals and customary closing conditions. Financial terms were not disclosed.
Colpisa, based in Itagü?, near Medellin, was founded in 1973 and manufactures and distributes coatings for automotive OEM and refinish, industrial and architectural coatings customers in Colombia and Ecuador. Colpisa operates a coatings manufacturing facility in Colombia and employs about 400 people. The company has been a technology licensee of PPG automotive OEM coatings since 1996 and a distributor of PPG automotive refinish products since 2004.
“By acquiring Colpisa, PPG builds on a successful relationship and gains the opportunity to expand our coatings presence in Colombia to directly serve and grow with automotive manufacturers,” said Tim Knavish, PPG vice president, automotive OEM coatings, Americas. “PPG intends to build upon Colpisa’s strong manufacturing and distribution practices as the Colombian economy expands and more automobiles are built and sold in the region.”
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