PITTSBURGH (AP) — PPG Industries Inc., a Pittsburgh-based paint and coatings manufacturer, said Wednesday that it had completed its $3.2 billion acquisition of SigmaKalon Group of the Netherlands.
The deal, which was approved by European Union antitrust regulators last month, will more than double PPG's sales in Europe, where SigmaKalon is the second-largest coatings company.
SigmaKalon's CEO Pierre-Marie De Leener will stay on as a senior vice president, reporting to PPG chief executive Charles Bunch. He will head a new unit handling architectural coatings for Europe, the Middle East and Africa.
SigmaKalon makes architectural, protective, marine and industrial coatings and has 22 manufacturing plants in Europe and elsewhere. The company sells directly to professional painters through service centers, about 500 company-owned stores and 3,000 independent wholesalers.
PPG announced in July that it was buying SigmaKalon from Boston-based Bain Capital, which had acquired the company four years ago.
SigmaKalon, based in Uithoorn, Netherlands, had 2006 revenue of about $2.76 billion, according to PPG. Its brands include Sigma Coatings, Johnstone's, Leyland, Primalex and Seigneurie, among others.
SigmaKalon was formed in 1999 through a merger of Britain-based decorative paint maker Kalon Group, a subsidiary of Total SA, and Sigma Coatings, owned by Belgian oil company Petrofina.
