US global supplier of paints PPG Industries has inked a pact with specialty powder and liquid coatings manufacturer IVC Industrial Coatings for its acquisition in a bid to expand its market and boost supply positions.
Indiana-based IVC, established in 1870 as the Indianapolis Varnish Company, makes and sells liquid coatings for the industrial segment including automotive parts, motorcycles, industrial containers and small appliances. IVC posted sales to the tune of $100m last year.
PPG global industrial coatings - vice-president Shelley Bausch said: "Acquiring IVC, which has a large, global distribution footprint, will strengthen our ability to serve a variety of end-use markets and enhance PPG's supply positions in the U.S. and China.
"The addition of IVC's high-quality products and industry expertise will further enhance PPG's ability to deliver a robust portfolio of industry-leading industrial coatings solutions."
Headquartered in Pittsburgh, PPG has its footprint in more than 70 countries. It caters to segments including construction, consumer products, industrial and transportation markets and aftermarkets.
Established in 1883, PPG posted net sales worth $15.4 billion in 2014.
IVC, which has a headcount of 300, has five manufacturing plants in the US - two in Indiana, and one each in Michigan, Georgia and Arizona, one unit in Guangdong, China, and a development lab in Manchester, England.
It also has operations in Malaysia through a joint venture.