<article>Pittsburgh-based paint maker PPG has acquired the remaining 50 per cent stake in its<a style="color: #000080;" href="http://www.dealstreetasia.com/stories/69078-69078/"> Asian joint venture</a> &#8212; IVC (Malaysia) Sdn Bhd and IVC-OPS (Singapore) Pte Ltd&#8211; from its joint venture partner Omni-Plus System Pte Ltd.</article>

Pittsburgh-based paint maker PPG has acquired the remaining 50 per cent stake in its<a style="color: #000080;" href="http://www.dealstreetasia.com/stories/69078-69078/"> Asian joint venture</a> &#8212; IVC (Malaysia) Sdn Bhd and IVC-OPS (Singapore) Pte Ltd&#8211; from its joint venture partner Omni-Plus System Pte Ltd.
The financial terms of the deal were not disclosed in a statement issued on Thursday to announce the acquisition.
The IVC joint venture that was formed in 2008 supplies industrial coatings to the appliance and electronics-materials segments. The acquisition of the remaining stake is a follow up of the earlier acquisition by PPG of IVC Industrial Coatings, Inc which is now fully integrated into our industrial coatings business.
“We look forward to fully integrating the Asian IVC joint venture as well, so we can further enhance PPG’s ability to deliver value to our industrial coatings customers,” said Shelley Bausch, PPG vice president, global industrial coatings.
The joint venture had sales of less than $10 million as an equity affiliate of PPG.
Included in PPG’s acquisition of the remaining 50 per cent ownership interest in the IVC joint venture (including both the Malaysia and Singapore entities) are all machinery and equipment, property leases, working capital, customer list and relationships, and distribution and territorial rights in Asia. Also, all joint-venture employees, of whom there are fewer than 10, will become PPG employees.
PPG operates in more than 70 countries and reported net sales of $14.8 billion in 2016. It caters to customers in construction, consumer products, industrial and transportation markets and aftermarkets.Among the well known brands from the company are Dulux, Leyland and Olympic.
The Asian JV&#8217;s acquisition comes at a time when the US paint maker is embroiled in takeover tussle to buy Dutch competitor AkzoNobel. While PPG believes a combination of the two companies has a strong strategic rationale, <a style="color: #000080;" href="http://www.dealstreetasia.com/stories/jpmorgans-simon-says-mergers-could-get-ugly-with-hostile-deals-69177/">AkzoNobel</a> has rejected two offers from PPG, the last valuing it at over $24 billion.
“We made a compelling offer to AkzoNobel that provides its shareholders with a significant premium and the opportunity to benefit from the upside potential of a stronger company that is well positioned for future growth and value creation. Together, we can create a stronger company that will benefit all of AkzoNobel’s stakeholders, including its Netherlands-based employees,” said Michael McGarry, PPG Chairman and CEO.
Although AkzoNobel has declined PPG’s repeated invitations to meet, PPG remains committed to seeking engagement with AkzoNobel, PPG said in a statement issued on Thursday. It added that PPG believes AkzoNobel should honor growing requests to engage and fully consider all relevant options to create the most value for all of its stakeholders, and benefit from the multiple months of preparation already completed by PPG.
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PPG acquires remaining 50% in Asian joint venture IVC

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PPG acquires remaining 50% in Asian joint venture IVC

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