PPG announced that it has reached a definitive agreement to acquire Ennis-Flint, described as a global manufacturer of coatings with a broad portfolio of pavement marking products. These products include paint, thermoplastics, and other advanced traffic technologies. The transaction, valued at approximately $1.15 billion, is expected to close within the next few months, subject to customary closing conditions.
“The acquisition of Ennis-Flint will further expand our product offering and opportunities in rapidly developing and high-growth mobility technology solutions,” said Michael McGarry, PPG’s chairman and CEO. “The company is well known for its high-quality products, technical expertise, and innovative system.”
Mobility Technologies
PPG formed a mobility focus team in 2017 to develop mobility technologies and innovative technical solutions that provide increased functionality and solve new and unique requirements for electric, hybrid, and autonomous vehicles.
Mobility-related products developed by PPG include battery-specific coatings that deliver enhanced safety and performance; autonomous vehicle coatings that improve vehicle and infrastructure visibility; and interior coatings that increase surface functionality and durability, according to the company.
Ennis-Flint, a privately held company headquartered in Greensboro, North Carolina, is described as a global leader in pavement markings and traffic safety solutions with the industry’s most comprehensive and innovative product offering. Products are developed according to strict government guidelines and customer specifications, many of which are proprietary to the company, and a high percentage of its product sales are derived from non-discretionary, essential maintenance spending.
Ennis-Flint supplies a wide range of products, including traffic paint, hot-applied and preformed thermoplastics, raised pavement markers, and intelligent transportation systems from a network of manufacturing facilities within the United States, Europe, South America, and Asia. The company employs approximately 1,000 people globally and its full year of 2020 revenue is expected to be approximately $600 million.
Complementary Offerings
“We are excited to join the global PPG family,” said Matt Soule, president and CEO of Ennis-Flint. “Our products and technologies are excellent complements to PPG’s current product offering, and the ability to leverage PPG’s world-class innovation and broad geographical footprint will provide more growth opportunities for our products and employees in the future.”
PPG plans to provide additional details relating to the business acquisition, including acquisition-related financial impacts, during the company’s fourth-quarter earnings conference call in January 2021.
For more information, contact: PPG, (412) 434-3046, www.ppg.com
