PPG (NYSE: PPG) announced that it has reached a definitive agreement to acquire Industria Chimica Reggiana (ICR) S.p.A., a manufacturer of paints and coatings for the automotive refinish and light industrial coatings industries. The transaction is expected to close in the first quarter 2020, subject to customary closing conditions. Financial terms were not disclosed.
Founded in 1961, ICR is based in Italy and manufactures automotive refinish products, including putties, primers, basecoats and clear coats under the SPRINT® brand. The company also makes a complete range of coatings, enamels and primers for light commercial vehicles and other light industrial coatings applications. ICR employs approximately 180 people and sells its products in more than 70 countries in Europe, Africa, the Middle East, the United States and Latin America.
"PPG's acquisition of ICR will complement our current product offering for the automotive refinish and light industrial coatings industries and add specialized, value-added products that address the needs of distributors and body shops," said Gary Danowski, PPG vice president, global automotive refinish. "We look forward to continuing to deliver the trusted products and services upon which ICR customers have come to rely, and we are very excited to welcome ICR employees to PPG."