Paints, coatings, and specialty materials company PPG (Pittsburgh, Pennsylvania, USA) reached an agreement with private equity firm Sverica Capital Management LP to acquire Dexmet Corp. (Wallingford, Connecticut, USA), a manufacturer of specialty materials for surfaces in aerospace, automotive, and industrial applications.
The company is a leader in several critical application areas, including aircraft lightning strike protection. The transaction is expected to close in the 2019 third quarter, subject to customary closing conditions. Financial terms were not disclosed.
“The acquisition of Dexmet will enable PPG to provide further value to our customers by enhancing our range of product offerings, expanding our research and development capabilities, and increasing our market reach across PPG’s aerospace, automotive, and industrial coatings businesses,” says Michael McGarry, PPG’s chairman and CEO.
Dexmet was founded in 1948. The company specializes in customized, highly engineered, expanded, and perforated metal foils and polymers used for applications in aerospace, energy storage, and other industrial applications. The company employs approximately 75 people.
“Dexmet’s leadership in aerospace surface technologies will provide strategic additions to the broad portfolio of aerospace coatings we deliver today, and our research and development team will leverage Dexmet’s expertise in ultra-thin metal mesh foil and polymer mesh across the markets we serve,” says Daniel Korte, global vice president for PPG’s aerospace business.
Source: PPG, www.ppg.com.