PPG to Acquire Coatings Application Services Provider The Crown Group
PPG says it has reached a definitive agreement to acquire The Crown Group, a U.S.-based coatings application services business, from High Road Capital Partners and Charter Oak Capital Partners. The transaction is expected to close in the third quarter of this year, subject to customary closing conditions. Financial terms were not disclosed.
Headquartered in Warren, Michigan, Crown has 950 employees and is one of the leading component and product finishers in North America. The company applies coatings to customers’ manufactured parts and assembled products at 11 U.S. sites. Most of Crown’s operations, which also include assembly, warehousing and sequencing services, are located at customer facilities or positioned near customer manufacturing sites. The company serves manufacturers in automotive, agriculture, construction, heavy truck and alternative energy industries.
“Crown is a leader in coatings application, and this acquisition will enhance PPG’s ability to service its original equipment manufacturer customers,” says Viktor Sekmakas, PPG executive vice president. “PPG continues to help customers simplify this portion of the product finishing process, enabling them to focus on their core competencies of product design and manufacturing. Our growing coatings application services capability allows PPG to have a more intimate understanding of our manufacturing customers’ coatings needs and offer enhanced, end-to-end solutions and services.”
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This paper is a peer-reviewed and edited version of a presentation delivered at NASF SUR/FIN 2012 in Las Vegas, Nev., on June 12, 2012.