PPG to Weigh Strategic Alternatives For Architectural Coatings Business in U.S., Canada
By Will Feuer
PPG said it has hired Goldman Sachs to help review strategic alternatives for its architectural coatings business in the U.S. and Canada, a unit that generated about 10% of the company's sales last year.
PPG's architectural coatings business in the U.S. and Canada, which makes paints, stains, caulks, adhesives and more for homeowners and professionals, includes brand names such as Glidden and Pittsburgh Paints & Stains. It employs about 6,600 people and its footprint includes about 750 company-owned stores.
"We will assess whether some or all of the business could be better suited to grow faster with a partner or different owner, or may be better suited to operate as a core business within another company, as a standalone entity, or in a joint venture," Chief Executive Tim Knavish said.
PPG last month called out lower fourth-quarter sales in the U.S. and Canada architectural coatings business, citing soft demand from do-it-yourself customers.
Write to Will Feuer at Will.Feuer@wsj.com
(END) Dow Jones Newswires
February 26, 2024 07:30 ET (12:30 GMT)
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