PPG (NYSE: PPG) today announced that it has agreed to divest certain business activities in Senegal, Ivory Coast, Cameroon, Gabon and Algeria to Océinde, an industrial group based in Réunion, France. Océinde will continue to offer the existing range of products, including SEIGNEURIE® paint, through a licensing and distribution agreement.
Océinde has a range of business activities in Europe, the Indian Ocean and Africa, including architectural coatings distribution and manufacturing. This partnership will strengthen a longstanding relationship between the companies, which includes the supply of specialty materials from Océinde to PPG.
PPG employees in the countries concerned will join Océinde. In addition, Olivier Bouin, currently PPG general manager, Architectural Coatings Africa French Overseas and Suriname, will join Océinde as General Manager for the Trade Architectural Coatings market in Africa.
“We are convinced that this change of business model will benefit our customers in Africa,” said Pascal Tisseyre, PPG vice president, Architectural Coatings, Europe, Middle East and Africa - South. “Both companies are looking forward to working together to better serve the African market.”
"We are proud of the trust shown by PPG as well as all the employees who are joining us today," said Nassir Goulamaly, CEO of Océinde. "We have been investing for decades in the innovation of architectural coatings dedicated to the growing African market and this agreement will help us support that. Congratulations also to our team who have successfully deployed the group's three core values as part of this project: Innovation, industrialization, internalization."
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At PPG (NYSE:PPG), we work every day to develop and deliver the paints, coatings and specialty materials that our customers have trusted for nearly 140 years. Through dedication and creativity, we solve our customers’ biggest challenges, collaborating closely to find the right path forward. With headquarters in Pittsburgh, we operate and innovate in more than 75 countries and reported net sales of $16.8 billion in 2021. We serve customers in construction, consumer products, industrial and transportation markets and aftermarkets. To learn more, visit www.ppg.com.
The forward-looking statements contained herein include statements relating to the timing of and expected benefits of the Océinde transaction. Actual events may differ materially from current expectations and are subject to a number of risks and uncertainties, including the satisfaction of the conditions of the divestiture and other risks related to completion of the divestiture and actions related thereto; the parties’ ability to complete the divestiture on the anticipated terms and schedule, including the ability to obtain regulatory approvals; and the other risks and uncertainties discussed in PPG’s periodic reports on Form 10-K and Form 10-Q and its current reports on Form 8-K filed with the Securities and Exchange Commission.
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