PPG Architectural Coatings Business to Be Renamed The Pittsburgh Paints Company After Sale

PPG has sold its architectural coatings business, which will be renamed The Pittsburgh Paints Company.

American Industrial Partners announced Monday that it has completed its acquisition of PPG’s U.S. and Canadian architectural coatings business, which owns brands such as Liquid Nails, Glidden and Olympic. The transaction was valued at $550 million, The Associated Press previously reported.

“Now as a newly independent company, we are drawing on Pittsburgh Paints’ 125-year legacy of innovation and product excellence to chart an aggressive course of transformation and renewal in this extraordinary industry,” Rick Hoffman, partner at AIP, said in a press release. “Pittsburgh Paints’ broad base, respected brand portfolio and experienced team are well-positioned for growth, and we are proud to be their partner.”

The company will remain in the Pittsburgh area, with headquarters in Cranbury Township.

“AIP is an ideal partner to support our growth objectives and the exceptional customer service that is the foundation of our business,” said Jaime Irick, CEO of Pittsburgh Paints. “Our entire organization is excited about the opportunities ahead as we build a faster, more focused and stronger company.”

The sale to AIP was announced in October, when PPG also said it would cut about 1,800 jobs to cut costs, which PPG’s CEO said was necessary. PPG reported third-quarter net income of $468 million, below Wall Street expectations.

PPG also agreed to sell its silica products business to Poland’s QEMETICA S.A. for about $310 million in August.