US-based PPG has signed a definitive agreement with private equity firm Sverica to purchase aerospace and industrial application materials manufacturer Dexmet.
Financial terms of the deal have not been disclosed.
Founded in 1948, Dexmet offers expanded and perforated metal foils and polymers that are used for applications in aerospace, energy storage, and other industrial applications. It has approximately 75 employees.
It specialises in several critical application areas, including aircraft lightning strike protection.
Dexmet chief executive officer Timothy Poor said: “The Dexmet team is excited to become part of the PPG family.
“PPG’s technological leadership and commitment to innovation aligns well with Dexmet and will enable us to significantly broaden the solution set we bring to our customers.”
PPG chairman Michael McGarry said: The acquisition of Dexmet will enable PPG to provide further value to our customers by enhancing our range of product offerings, expanding our research and development capabilities, and increasing our market reach across PPG’s aerospace, automotive and industrial coatings businesses.”
PPG aerospace global vice-president Daniel Korte said: “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.
“In addition, Dexmet’s customer-focused business model is highly complementary to PPG’s business, allowing for a seamless integration process.”
The deal is expected to close in Q3 2019, subject to customary closing conditions.
PPG operates in 70 countries and reported net sales of $15.4bn in 2018. It manufactures paints, coatings and speciality materials. The company is headquartered in Pittsburgh, Pennsylvania, US.
Source: Chemicals Technology
The investment enables the steam cracker to increase the share of renewable and recycled raw materials used in its (ethylene and propylene) production. The move supports the Borealis Strategy 2030 for a circular economy. The Porvoo investment program is expected to be completed in 2025.
Murray Auchincloss, bp’s CEO, said in a statement: “As I set out in February, BP’s destination from IOC [international oil company] to IEC [integrated energy company] is unchanged – and we need to deliver as a simpler, more focused, and higher-value company.
Founded in 1972, Tecnofilm has expanded its product portfolio over the years to offer a wider range of compounds and functional polymers for various industrial applications and technical articles. The company has patented several of its products.
