Karl Wörwag Lack- und Farbenfabrik GmbH & Co. KG announced that its shareholders have reached a definitive agreement to sell their shares to PPG, Pittsburgh, USA. The transaction is expected to close in the first half of 2021, subject to customary closing conditions. "With our wide-ranging product portfolio of customized high-quality paint and coatings systems and our breadth of markets served, we are an ideal fit for the strategic alignment of PPG. This opens up numerous opportunities to expand our range of services and will generate sustainable growth potential," said Georg Saint-Denis, Wörwag CEO.
Color, coating, competence
Wörwag, is a family-owned company headquartered in Stuttgart, Germany, founded in 1918. The company employ about 1,100 people globally and for the full year 2020, revenue of around 220 million euros are expectet. The company specialize in developing sustainable liquid, powder and film coatings. Besides the 3 sites in Germany, Wörwag operates locations in the U.S., China, South Africa, Mexico, Spain, Switzerland and Poland. Headquartered in Pittsburgh, PPG operates in more than 70 countries and reported net sales of $15.1 billion in 2019. The company has been developing paints, coatings and materials for the construction, consumer goods, industrial and transportation and aftermarkets sectors for around 135 years.