PPG to Acquire Specialty Materials Manufacturer Dexmet Corporation

PPG has announced it has reached a definitive agreement with private equity firm Sverica Capital Management LP to acquire Dexmet Corporation, a manufacturer of specialty materials for surfaces in aerospace, automotive and industrial applications. The company is a leader in numerous critical application areas, including aircraft lightning strike protection. The transaction is expected to close in the third quarter of 2019, subject to customary closing conditions. Financial terms were not disclosed. Michael Dexarry, President and Chief Executive Officer of PPG, said, "The acquisition of Dexmet will enable us to deliver greater value to our customers by expanding our product offerings, increasing our research and development capacity and broadening our market access across our aerospace, automotive and industrial coatings businesses." Based in Wallingford, Connecticut, Dexmet was founded in 1948. The company specializes in custom-designed, expanded and perforated metal foils and polymers used in applications critical to aerospace, energy storage and other industrial applications. Dexmet employs approximately 75 people. Timothy Poor, Chief Executive Officer of Dexmet, said, "The Dexmet team is excited to be part of the PPG family," and added, "PPG's technological leadership and commitment to innovation align well with Dexmet, which will enable us to significantly expand the set of solutions we deliver to our customers." Daniel Korte, Vice President Global, PPG, said, "Dexmet's leadership in aerospace surface technologies will provide strategic contributions to our broad aerospace coatings portfolio that we offer today. PPG's research and development team will benefit from Dexmet's expertise in ultra-thin metal mesh foils and polymer mesh in the markets we serve. Additionally, Dexmet's customer-focused business model is complementary to PPG's business and will allow for a seamless integration process."