PPG completes sale of architectural coatings U.S. and Canada business

PPG (PPG) announced that it has completed the sale of 100% of its architectural coatings business in the U.S. and Canada at a transaction value of $550M to American Industrial Partners, an industrials investor. “PPG’s architectural coatings businesses in other regions around the world remain core businesses within the company’s portfolio, including in Latin America, Europe and Asia Pacific, where PPG holds strong #1 or #2 positions in a number of key countries… The architectural coatings business in the U.S. and Canada represented approximately $2B of PPG’s 2023 total net sales, with low-single-digit EBITDA margin. As previously stated, on a 3-year pro forma basis PPG’s overall company sales volume results would have improved cumulatively by over 200 basis points excluding this business. Also, the company’s Performance Coatings segment operating, or EBIT, income, excluding the U.S. and Canada architectural coatings EBIT and the associated growth-related investments we have made, would have resulted in an approximately 300-basis point improvement in segment margins in 2023,” the company stated.