PPG Industries (PPG) agrees to acquire the North American decorative paints business of Akzo...

|About: PPG Industries, Inc. (PPG)|By:, SA News Editor

PPG Industries (PPG) agrees to acquire the North American decorative paints business of Akzo Nobel (AKZOF.PK) for $1.1B. The deal will increase PPG's U.S. market share to an estimated 28% from 15% and boost its challenge to Sherwin-Williams, which holds 36%. PPG may also be buying the unit, which sells the Glidden paint brand and recently became profitable, on the cheap: the price represent 0.7X of sales vs 1X for similar deals in the sector. (PR)