Paints, coatings and specialty materials supplier PPG (NYSE: PPG), Pittsburgh, Pennsylvania, on Monday announced that it has agreed to acquire Ennis-Flint, a Greensboro, North Carolina-based manufacturer of coatings, for $1.2 billion.
Ennis-Flint boats a broad portfolio of pavement marking products, including paint, thermoplastics and other advanced traffic technologies.
“The acquisition of Ennis-Flint will further expand our product offering and opportunities in rapidly developing and high-growth mobility technology solutions,” said Michael McGarry, PPG chairman and CEO. “The company is well known for its high-quality products, technical expertise and innovative systems. The addition of Ennis-Flint’s products further enhances our existing mobility technologies in support of increased automotive occupant safety through driver-assisted and autonomous driving systems. We look forward to the Ennis-Flint team joining PPG and working together to further expand the company’s product distribution on a global scale.”
Ennis-Flint, a privately held company, employs approximately 1,000 people globally and its full year of 2020 revenue is expected to be $600 million, with mid-teen percentage EBITDA margins.
“We are excited to join the global PPG family,” said Matt Soule, president and CEO of Ennis-Flint. “Our products and technologies are excellent complements to PPG’s current product offering, and the ability to leverage PPG’s world-class innovation and broad geographical footprint will provide more growth opportunities for our products and employees in the future.”
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