PPG plans to acquire Ennis, a global paint manufacturer. PPG plans to acquire Ennis flint, a global paint manufacturer. On December 7, 2020, PPG announced that it had reached a final agreement on the acquisition of Ennis flint, a global paint manufacturer. Ennis flint has a wide portfolio of road marking products, including paint, thermoplastic and advanced transportation technology. The amount of the acquisition transaction is about US $1.15 billion, which is expected to be completed in the next few months. The specific time depends on the customary closing conditions
"the acquisition of Ennis flint will help us further expand our product portfolio and increase development opportunities in mobile technology solutions with rapid development and high growth." Michael McGarry, chairman and CEO of PPG, said, "Ennis flint is famous for its high-quality products, professional technology and innovative systems. The addition of its product line will further enhance the strength of our existing mobile technology, and can improve the safety of car passengers through driver assistance and auto drive system. We often expect Ennis flint team to join PPG and work together with us to continuously expand the company's product distribution worldwide."
ppg mobile business team was established in 2017, committed to developing innovative mobile technology solutions, improving the functionality of electric, hybrid and autonomous vehicle and other vehicles, and meeting the new or unique market needs of these vehicles. The mobile technology related products launched by PPG include: the PS plastic for battery to improve safety and application performance is prohibited or not? This is always a hot issue for the New York City Council; Autonomous Vehicle coatings that improve the visibility of vehicles and infrastructure; Interior paint to improve surface functionality and durability
Ennis flint, headquartered in Greensboro, North Carolina, is a global leader in road marking and traffic safety solutions. The company has the most comprehensive and innovative product portfolio in the industry. The development of products is in strict accordance with government guidelines and customer specifications, many of which are patented products of the company. In addition, most of the product sales come from the necessary basic maintenance expenses. Ennis flint produces a wide range of products through its production bases in the United States, Europe, South America and Asia. After the tensile testing machine is installed, it needs preliminary accuracy alignment, including traffic coatings, hot-melt and preformed thermoplastics, road bumps and road signs, as well as intelligent transportation systems. At present, the company has about 1000 employees worldwide. It is estimated that the annual operating revenue in 2020 will be about US $600million, and the profit before tax, interest, depreciation and amortization (EBITDA) can achieve a growth rate of more than 10%
"we are very happy to be a member of PPG's global family." Matt Soule, President and CEO of Ennis flint, added, "our products and technologies perfectly complement PPG's existing product portfolio. PP they are suitable for different materials. G has world-class innovative technology and broad global market layout, which will provide more development opportunities for our product development and employee growth in the future."
in January 2021, PPG will release more detailed information related to this acquisition, including the financial impact related to the acquisition, at the fourth quarter financial report meeting