PPG has announced that it has reached definitive agreement to acquire Industria Chimica Reggiana (ICR).
Based in Italy, ICR manufactures automotive refinish paints and coatings (as well as industrial paint products). PPG expects to be able to complete the acquisition within the first quarter of 2020, provided all customary closing conditions are met.
ICR was established in 1961. Under the SPRINT brand, the company manufacturers automotive refinish products such as putties, primers, basecoats and clear coats. Additionally, it also produces the complete range of coatings, enamels and primers for light commercial vehicles and light industrial applications. Currently, around 180 work for the company. Its products are sold in 70 countries in America, Europe, Africa and the Middle East.
“PPG’s acquisition of ICR will complement our current product offering for the automotive refinish and light industrial coatings industries and add specialized, value-added products that address the needs of distributors and body shops,” said Gary Danowski, PPG Vice President, Global Automotive Refinish. “We look forward to continuing to deliver the trusted products and services upon which ICR customers have come to rely, and we are very excited to welcome ICR employees to PPG.”