International.
PPG reported that it reached an agreement with emerging Europe Accession Fund (EEAF) to acquire Deutek S.A., one of the leading Romanian manufacturers of coatings and paints.
PPG expects the transaction to close in the first quarter of 2017, after receiving regulatory approvals and satisfaction of customary closing conditions. Financial terms were not disclosed.
Deutek, founded in 1993, manufactures and markets a portfolio of well-known professional and consumer paint brands. The company's products are sold in more than 120 stores and 3,500 independent outlets in Romania. Deutek, currently owned by EEAF, recorded sales of €30 million in 2015.
"Deutek is a well-run business with a long heritage of excellent customer service and a portfolio of leading and recognized brands in Romania," said Jean-Marie Greindl, Senior Vice President of PPG at Global Architectural Coatings and President of PPG Europe. , Middle East and Africa (EMEA). "The acquisition adds the fastest growing paint brands in Romania, where PPG has only a small presence in architectural cladding."
