PPG Acquires Remaining Interest In Asian IVC Joint-Venture

KUALA LUMPUR, April 7 (Bernama) -- US-based PPG Industries Inc has acquired the remaining 50 per cent stake in its Asian joint-venture, comprising IVC (Malaysia) Sdn Bhd and IVC-OPS (Singapore) Pte Ltd, from its partner, Omni-Plus System Pte Ltd. Included in the acquisition were all machinery and equipment, property leases, working capital, customer list and relationships, distribution and territorial rights in Asia, as well as, employees. PPG Vice-President for Global Industrial Coatings Shelley Bausch said this transaction was an important follow-up to acquisition of IVC Industrial Coatings Inc in 2015, and the company was now fully integrated into its industrial coatings business. "We look forward to fully integrating the Asian IVC joint-venture as well, so we can further enhance PPG's ability to deliver value to our industrial coatings customers," Bausch said in a statement. The IVC joint venture, formed in 2008, principally supplies industrial coatings to the appliance and electronics-materials segments. -- BERNAMA