PPG Industries, Inc. (NYSE: PPG) has revealed that it has bought Cetelon Lackfabrik GmbH. Cetelon has gain recognition as the manufacturer of a broad range of coating systems for the wheel industry, involving certain proprietary technologies. It manages production and sales offices in Ditzingen, Germany, from which it operates several leading wheel suppliers around the world.
This strategic acquisition is beneficial for PPG Industries as it is further based upon its current coatings product portfolio, liquid and powder coating technologies, and color matching resources. The long-standing customer relationship of Cetelon will add to the current customer base and worldwide presence of PPG.
Shares of PPG Industries soared 0.75% at $168.67 during the pre-market trading session of Monday. In the past 52-week of the trading session, the firm share went up105.59% and went down -3.05 during the past 52-weeks of low and high. The firm has a total market capitalization of $36.48 billion at the time of writing.
The acquisition of Cetelon is beneficial for both firms. PPG will have the opportunity to get the benefit of the competencies of Cetelon in the Wheel industry. On the other hand, Cetelon will have the opportunity to get profit from a highly matching product offering and PPG’s global scope.