PPG has reached a definitive agreement to acquire Industria Chimica Reggiana (ICR) S.p.A., a manufacturer of paints and coatings for the automotive refinish and light industrial coatings industries.
The acquisition is expected to be official before the end of the first quarter of 2020, , subject to customary closing conditions.
Based in Italy, ICR was founded in 1961 and manufactures automotive refinish products, including putties, primers, basecoats and clear coats under the SPRINT brand. The company also makes a complete range of coatings, enamels and primers for LCVs and other light industrial coatings applications.
“PPG’s acquisition of ICR will complement our current product offering for the automotive refinish and light industrial coatings industries and add specialised, value-added products that address the needs of distributors and body shops,” said Gary Danowski, PPG VP, global automotive refinish. “We look forward to continuing to deliver the trusted products and services upon which ICR customers have come to rely, and we are very excited to welcome ICR employees to PPG.”