Paint manufacturer PPG recently reached an agreement with private equity firm Sverica Capital Management LP to acquire Dexmet Corp.
Headquartered in Wallingford, Conn., Dexmet manufactures specialty materials for surfaces in aerospace, automotive and industrial applications.
Financial terms of the deal were not disclosed, but it is forecasted to close in the third quarter, pending closing conditions.
Dexmet specializes in customized, highly-engineered, expanded and perforated metal foils and polymers. These polymers are used for mission-critical applications in aerospace, energy storage, and other industrial applications.
It specializes in aircraft lightning strike protection.
The company was founded in 1948 and employs approximately 75 people.
“Dexmet’s leadership in aerospace surface technologies will provide strategic additions to the broad portfolio of aerospace coatings we deliver today, and PPG’s research and development team will leverage Dexmet’s expertise in ultra-thin metal mesh foil and polymer mesh across the markets we serve,” Daniel Korte, PPG global vice president of aerospace, said. “In addition, Dexmet’s customer-focused business model is highly complementary to PPG’s business, allowing for a seamless integration process.”
PPG manufactures paints, coatings and specialty materials for consumer products, aftermarkets, the construction industry, and industrial and transportation markets. Headquarters in Pittsburgh, PPG operates in more than 70 countries.
In 2018, PPG reported net sales of $15.4 billion.