PITTSBURGH (AP) -- PPG Industries Inc. said Monday it has acquired Chinese automotive refinish coatings business Bonny Coating-Made Co. of Guangzhou, China.
The Pittsburgh-based company did not disclose financial terms of the deal, but said it will receive the company's customer list, technology, brands, trademarks and working capital.
Bonny Coating makes mainly paint and primer for use by automotive body shops, PPG spokesman Jeremy Neuhart said. About 40 employees will transfer with the business, which will operate as an indirect subsidiary.
The deal will give PPG a wider product offering and extend its distribution network and customer base, the statement said. PPG also will be able to enter other segments of the automotive refinish coatings industry, the statement said.
PPG shares fell 11 cents to $61.33 in morning trading.