PPG Industries completes sale of plasterboard plant in Queretaro
PPG Industries announced it has wrapped up the sale of the assets of its Mexico-based Plaka plasterboard and cement-board business to Knauf International GmbH. Financial terms of the deal were not divulged.
PPG Industries acquired the Plaka business in 2014 as part of its buyout of leading Mexican paint company – Comex S.A. de C.V. – for US$ 2.3 billion.
Plaka makes plasterboard, cement board and drywall mainly for the Mexican construction market. The business, with around US$ 30 million of sales in 2015, employs roughly 200 people and operates a manufacturing plant in Queretaro.
PPG Industries is divesting its non-core businesses to focus on core paints, coatings and specialty materials businesses. As part of these actions, PPG Industries, last year, completed the sale of its European fiberglass operations to leading fiberglass maker, Nippon Electric Glass Co. Ltd. (NEG) and divested its ownership interests in two Asian fiberglass joint ventures. It also wrapped up the sale of its North American flat glass business to Monterrey-based Vitro in 2016.
Moreover, PPG Industries recently agreed to sell the remaining fiberglass operations to NEG. The transaction, which is subject to customary closing conditions, is expected to close in the second half of 2017. The transaction will mark the end of PPG’s history as a manufacturer of fiberglass.
Knauf is a multinational, family-owned company based in Iphofen, Germany, founded in 1932. The company provides dry construction mixtures, gypsum plasterboard and drywall for several markets.
With 150 production facilities and sales organizations in over 60 countries, 26,000 employees worldwide, and sales of US$ 7.07 billion in 2013, the Knauf Group is one of the biggest players in Europe, U.S.A., South America, Russia, Asia, Africa and Australia.