PPG Industries Inc. finalized a deal to buy European coatings company Dyrup A/S from public holding company Monberg & Thorsen for a total of 115 million euros ($157.2 million).
The transaction's value includes assumed debt, the company said Tuesday. PPG, which makes paints, coatings and a number of specialty products, did not break out the debt amount.
"Once finalized, the acquisition of Dyrup will enable PPG to continue to expand its geographic reach within Europe as well as its product portfolio to include Dyrup's established strong brands, particularly in wood care products," PPG Executive Vice President J. Rich Alexander said in a statement.
Dyrup is based in Copenhagen, Denmark. Viktor Sekmakas, president of PPG Europe, said in a statement that the buyout will expand PPG's presence in countries such as Poland, France and Denmark and give it more opportunities in Portugal, Spain and Germany, where it has little or no architectural coatings presence.
Dyrup, whose brands include Bondex, Gori and Xylophene, has about 950 employees and six European manufacturing plants. Its products are mostly sold in Denmark, France, Germany, Portugal, Poland and Spain through professional and do-it-yourself channels.
The acquisition is set to close on Jan. 5.
Shares of PPG Industries fell 15 cents to $77.69 in morning trading.