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Platinum Equity to Sell MetoKote to PPG
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Platinum Equity to Sell MetoKote to PPG

6/8/2016

LOS ANGELES, CA-- June 08, 2016 - Platinum Equity today announced the signing of a definitive agreement to sell MetoKote to PPG (NYSE: PPG). MetoKote is a U.S.-based provider of industrial coating services. Financial terms were not disclosed. The pending transaction is subject to customary closing conditions and is expected to close in the third quarter of 2016.

"MetoKote's success is a result of a great partnership with the management team and a lot of hard work by the company's dedicated employees," said Platinum Equity Partner Bob Wymbs. "Working together we have grown the business, diversified its customer base and positioned MetoKote for long-term success."
Mr. Wymbs said that during Platinum Equity's ownership, MetoKote implemented a range of strategic and operational initiatives that have helped the company grow and adapt to changes in the market. Platinum Equity acquired MetoKote in October 2013. In December 2015 MetoKote acquired Malcolm Enamellers ACP Limited, a provider of coating services in the UK.
 
"Platinum Equity has been a great partner, from helping us set strategy to providing the support we needed to execute," said MetoKote President and CEO Jeff Oravitz. "Working together we realigned the company's global footprint, sharpened our focus on high-growth markets, and made important investments to strengthen key customer relationships. We are on a strong path for continued growth and success."

Houlihan Lokey is serving as financial advisor to Platinum Equity on the sale of MetoKote and Milbank, Tweed, Hadley & McCloy is acting as Platinum Equity's legal counsel.

About Platinum Equity

Founded in 1995 by Tom Gores, Platinum Equity is a global investment firm with a portfolio of approximately 25 operating companies that serve customers around the world. Platinum Equity specializes in mergers and operations -- a trademarked strategy it calls M&A&O(R) -- acquiring and operating companies in a broad range of business markets, including manufacturing, distribution, transportation and logistics, equipment rental, metals services, media and entertainment, technology, telecommunications and other industries. Over the past 20 years, Platinum Equity has completed more than 175 acquisitions.

 

PPG: WE PROTECT AND BEAUTIFY THE WORLD™

At PPG (NYSE:PPG), we work every day to develop and deliver the paints, coatings and materials that our customers have trusted for more than 130 years. Through dedication and creativity, we solve our customers’ biggest challenges, collaborating closely to find the right path forward. With headquarters in Pittsburgh, we operate and innovate in more than 70 countries and reported net sales of $15.3 billion in 2015. We serve customers in construction, consumer products, industrial and transportation markets and aftermarkets. To learn more, visit www.ppg.com.

We protect and beautify the world is a trademark and the PPG Logo is a registered trademark of PPG Industries Ohio, Inc.

PPG Media Contact:
Mark Silvey
Corporate Communications
+1-412-434-3046
silvey@ppg.com

PPG Investor Contact:
Scott Minder
Investor Relations
+1-412-434-3466
sminder@ppg.com
www.ppg.com

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A message from Chairman and CEO Michael H. McGarry

I hope this message finds you and your loved ones safe and healthy.

At the center of our company’s purpose is a commitment to “protect and beautify the world.” Today, the word “protect” is taking on an even greater significance to all of us. We are focused on protecting our people, customers and all of our stakeholders.

I want to share steps that our global PPG team is taking to proactively navigate these unprecedented times.

First, as the coronavirus began impacting China and subsequently spreading quickly around the world, PPG instituted proactive safety measures including immediately restricting all employee travel to, from and within countries considered high risk. We then put into place travel bans preventing all travel for non-essential purposes.

We are providing ongoing instructions and communications with employees on this issue, encouraging heightened awareness of general hygiene precautions, social distancing and adjusting operations according to regulations and our customers’ needs. We have directed our office employees to work remotely and have put actions in place globally at all our facilities, stores, distribution centers, and labs to ensure we keep our people safe. We continue to comply with and support all government regulations and public-health guidelines around world.

PPG people are committed to operating safely and providing the products and services that you count on. This is what inspires us and we call it “The PPG Way.” As we look at our supply chain, we are continually assessing all of our critical products and are actively working to assure we have the products available for you.

Like you, we are hopeful that, sooner rather than later, the worst will be behind us and we can begin to collectively focus on a brighter future.

Thank you for your patience and understanding. As this pandemic continues to evolve, we will remain proactive, implement additional actions to support our people and customers, and continue to keep you and all of our stakeholders informed.

We know that we are stronger together, and we will get through this unprecedented time.

Sincerely,


Michael H. McGarry
Chairman and CEO