US: PPG Industries has announced that it has reached a definitive agreement to acquire almost all of the assets of Hi-Temp Coatings Technology Co Inc, a privately-owned supplier of high-temperature-resistant and insulative coatings, based in Boxborough, Massachusetts. The transaction is expected to close in the first quarter of 2014, subject to customary closing conditions. Financial terms were not disclosed.
Hi-Temp is a global supplier of coatings that withstand extreme temperatures to protect both carbon steel and stainless steel substrates. The company's coatings are used widely in refineries, petrochemical plants, pulp and paper mills and power plants.
"PPG looks forward to integrating Hi-Temp coatings into our product offering," said Tim Knavish, PPG vice president, protective and marine coatings. "Hi-Temp's unique technologies bring multiple growth opportunities to PPG, particularly in the petrochemical segment. Combining their excellent corrosion-under-insulation coatings portfolio with PPG's legacy portfolio enables us to provide additional high-quality options to meet more of our customers' coatings needs."
