Market Dynamics
PPG to Acquire Panama-Based Protective and Marine Coatings Distributor
Time: 2014-03-27 Source from: www.coatingsworld.com
PPG Industries today announced that it has reached a definitive agreement to acquire substantially all of the assets of Canal Supplies, Inc. (CSI), a privately-owned distributor of protective and marine coatings to customers in Central America. The company is based in Panama. The transaction is expected to close in the second quarter, subject to customary closing conditions. Financial terms were not disclosed.
The acquisition will enhance access to PPG products for customers in Central America, and specifically in Costa Rica and Panama, which are growth markets for both protective and marine coatings.
"PPG looks forward to continuing to build its supply networks throughout Central America and meet the growing demand for our products in Panama. The Panama Canal is an important regional economic hub for the industry," said Tim Knavish, PPG vice president, protective and marine coatings. "The acquisition will increase PPG's ability to deliver protective and marine coatings to customers throughout the region."