PPG Industries Acquiring Crown Group, Stock Slides
Crown is a U.S.-based coatings application services business.
Shares of PPG Industries Inc. (PPG) - Get PPG Industries, Inc. Report were falling by 6.24% to $106.51 on Thursday afternoon, as the manufacturer and distributor of a range of coatings and specialty materials said today that is has acquired The Crown Group.
The U.S.-based Crown is being acquired from High Road Capital Partners and Charter Oak Capital Partners. Financial terms of the deal were not disclosed.
"Crown is a leader in coatings application and this acquisition will enhance PPG's ability to service its original equipment manufacturer (OEM) customers," PPG executive VP Viktor Sekmakas said.
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