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PPG to Buy ICI Refinish & Industrial Coatings Units

28 April 1999

PPG to Buy ICI Refinish & Industrial Coatings Units

    PITTSBURGH, April 28 -- PPG Industries has agreed
to acquire Imperial Chemical Industries' global automotive refinish and
industrial coatings businesses for 425 million British pounds
(about US$684 million).  The acquisition excludes ICI business units in the
Indian subcontinent.
    The transaction, subject to regulatory approvals, is expected to be
completed about mid-year for elements in Europe and the Americas, later in
1999 for Asian segments, according to Raymond W. LeBoeuf, PPG chairman and
chief executive.
    PPG will acquire ICI's interest in automotive refinish coatings used in
vehicle repair and on new and refinished commercial vehicles; the Grow
Automotive solvents and thinners business in North America, and Asian and
Latin American powder and liquid industrial coatings units.
    The units had 1998 sales of 285 million British pounds
(about US$459 million).  About 2,850 ICI employees are expected to join PPG.
Production and related facilities to be acquired are in England, Indonesia,
Malaysia and the United States.
    "This acquisition affords us the opportunity to expand businesses that
have high priority for growth at PPG," LeBoeuf said.  "It is an excellent fit
within our disciplined strategy for growing our higher-margin, less cyclical
businesses. PPG's global presence means customers of these ICI units will reap
the benefits of our strong commitment to product quality, service and
innovative technology.
    "Opportunities for acquisitions will continue to be one of the mechanisms
we apply to assure PPG's long-term growth as a global company serving global
customers," he added.
    PPG, based in Pittsburgh and a leading global supplier of coatings, fiber
glass, flat and fabricated glass, and chemicals,  has about 110 production
operations in 22 countries and employs more than 32,000 people worldwide.  Its
1998 sales exceeded $7.5 billion.