PPG to Acquire Ennis-Flint
PPG has agreed to purchase Ennis-Flint, a global manufacturer of pavement marking products and traffic technologies.
PPG (Pittsburg, Pa.) will acquire Ennis-Flint (Greensboro, N.C.), a global manufacturer of pavement marking products, including paint, thermoplastics and other advanced traffic technologies. The approximately $1.15 billion transaction 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,” says Michael McGarry, PPG chairman and CEO. “The company is well known for its high-quality products, technical expertise and innovative systems. The addition of Ennis-Flint’s products further enhances our existing mobility technologies in support of increased automotive occupant safety through driver-assisted and autonomous driving systems.”
PPG formed a mobility focus team in 2017 to develop mobility technologies and innovative technical solutions that solve new and unique requirements for electric, hybrid and autonomous vehicles. So far, the team’s products have included battery-specific coatings that enhance safety and performance, autonomous vehicle coatings that improve vehicle and infrastructure visibility and interior coatings that increase surface functionality and durability.
Ennis-Flint is a global leader in pavement markings and traffic safety solutions, with proprietary products following strict government guidelines and customer specifications. A high percentage of its product sales are derived from non-discretionary, essential maintenance spending.
The company employs approximately 1,000 people globally, and its 2020 revenue is expected to be approximately $600 million.
“We are excited to join the global PPG family,” says 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 will 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.
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