) has wrapped up its earlier announced acquisition of
high-temperature-resistant and insulative coatings supplier
Hi-Temp Coatings Technology Co., Inc. for an undisclosed price.
The Pittsburgh-based coatings giant announced the deal last
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Boxborough, Mass.-based Hi-Temp is a leading supplier of coatings
that protect carbon steel and stainless steel substrates.
Coatings supplied by the entity are widely used in refineries,
petrochemical plants, pulp and paper mills, and power plants.
Hi-Temp's products include the industry-leading
corrosion-under-insulation (CUI) coating - HI-TEMP 1027 - which
can be applied while equipment is hot and in operation, thereby
reducing facility downtime during maintenance.
The addition of Hi-Temp's products and technologies strengthens
PPG Industries' protective and marine coatings business by
offering a number of growth opportunities, notably in
petrochemical space. The integration of Hi-Temp's CUI coatings
with PPG Industries' legacy products will allow the latter with
greater options to address its customers' needs.
PPG Industries has a diversified business, both in terms of
products offered and geographical presence. It is a global leader
in protective and marine coatings and has a leading position in
several paints and coatings end markets.
PPG Industries is taking steps to grow its business inorganically
by making a number of acquisitions. Moreover, the company is
pursuing a $102 million business restructuring focused on
achieving cost synergies associated with its takeover of
) North American architectural coatings business.
However, PPG Industries may continue to face softness in Europe
with weak economic activity and a still challenging demand
environment. Moreover, it remains exposed to raw material cost
pressure and sluggishness across some of its key end markets.
PPG Industries is a Zacks Rank #2 (Buy) stock.
Other companies in the chemical space with favorable Zacks Rank
Northern Technologies International Corp.
The Dow Chemical Co.
). While Northern Technologies holds a Zacks Rank #1 (Strong
Buy), Dow Chemical is a Zacks Rank #2 (Buy) stock.