PARIS–(BUSINESS WIRE)–PPG (NYSE:PPG) today announced that it has agreed to divest certain business operations in Senegal, Côte d’Ivoire, Cameroon, Gabon and Algeria to Océinde, an industrial group based in Reunion, France. Océinde will continue to offer the existing range of products, including SEIGNEURIE® paint, through a licensing and distribution agreement.
Océinde has various activities in Europe, the Indian Ocean and Africa, including the distribution and manufacture of architectural coatings. This partnership will strengthen a long-standing relationship between the companies, which includes the supply of specialty materials from Océinde to PPG.
PPG employees from the countries concerned will join Océinde. In addition, Olivier Bouin, currently Managing Director of PPG, Architectural Coatings Africa French Overseas and Suriname, will join Océinde as General Manager for the Trade Architectural Coatings market in Africa.
“We are confident that this change in business model will benefit our customers in Africa,” said Pascal Tisseyre, PPG Vice President, Architectural Coatings, Europe, Middle East and South Africa. “Both companies look forward to working together to better serve the African market.”
“We are proud of the trust shown by PPG and all the employees who join 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 to support that. Congratulations also to our team who have successfully deployed the three core values of the group within the framework of this project: Innovation, industrialization, internalization.
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At PPG (NYSE:PPG), we work every day to develop and deliver the specialty paints, coatings and materials our customers have trusted for nearly 140 years. Through our dedication and creativity, we solve our customers’ biggest challenges, collaborating closely to find the right path forward. Headquartered in Pittsburgh, we operate and innovate in more than 75 countries and had net sales of $16.8 billion in 2021. We serve customers in the construction, consumer products, markets industrial and transportation and secondary markets. To learn more, visit www.ppg.com.
Forward-looking statements contained herein include statements relating to the timing 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 to the sale and other risks associated with the completion of the sale and the actions that relate to it; the ability of the parties to complete the divestiture on the terms and schedule anticipated, including the ability to obtain regulatory approvals; and 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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