The transaction is expected to close in the fourth quarter 2018, subject to customary closing conditions. Financial terms were not disclosed.
SEM, headquartered in Rock Hill, South Carolina, is a leading manufacturer of repair and refinish products used primarily for automotive and other transportation applications. The company is known for various flagship products that offer convenience, including Color Coat, the original flexible coating and mixing system; Bumper Coater, the first product to restore original equipment manufacturer (OEM) finishes on plastic bumpers and cladding; and Dual Mix, a two-part cartridge system for adhesives, fillers and sealers. SEM employs approximately 80 people.
“PPG’s acquisition of SEM will complement our current automotive refinish product offering and add specialized, value-added products that address the needs of distributors and body shops,” said Gary Danowski, PPG vice president, automotive refinish. “SEM has a history of strong returns and will provide our valued refinish customers with an excellent product portfolio to get collision jobs done faster by increasing efficiency and throughput.”
About SEM Products, Inc.
A leader in repair and refinish products for 70 years, SEM Products, Inc. is committed to manufacturing innovative and superior professional products. The company is headquartered in Rock Hill, South Carolina. www.semproducts.com.
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At PPG, we work every day to develop and deliver the paints, coatings and materials that our customers have trusted for 135 years. Through dedication and creativity, we solve our customers’ biggest challenges, collaborating closely to find the right path forward. With headquarters in Pittsburgh, we operate and innovate in more than 70 countries and reported net sales of $14.7 billion in 2017. We serve customers in construction, consumer products, industrial and transportation markets and aftermarkets. To learn more, visit www.ppg.com.
The forward-looking statements contained herein include statements relating to the timing of and expected benefits of the SEM Products, Inc. acquisition. Actual events may differ materially from current expectations and are subject to a number of risks and uncertainties, including the satisfaction of the conditions of the acquisition and other risks related to completion of the acquisition and actions related thereto; the parties’ ability to complete the acquisition on the anticipated terms and schedule, including the ability to obtain regulatory approvals; the ability of PPG to achieve the expected benefits of the acquisition; and the other risks and uncertainties discussed in PPG’s periodic reports on Form 10-K and Form 10-Q and its current reports on Form 8-K filed with the Securities and Exchange Commission.
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