Teaneck, NJ, October 18, 2013 – Nippon Paint (USA) Inc. (NP-USA®), a subsidiary of Nippon Paint Co., Ltd. of Osaka, Japan, announced today that it has reached an agreement with Protech Chemicals Ltd. to sell the powder coating business of NPA Coatings Inc. (NPAC), also known as Seibert Powder Coatings.
Seibert Powder Coatings is a division of NPAC, a wholly owned subsidiary of NP-USA®, located in Cleveland, Ohio. Terms of the asset sale were not disclosed. The transaction is expected to be finalized by November 15, 2013. Protech plans to continue to manufacture powder paint at the Cleveland facility and offer employment to the vast majority of current employees.
In commenting on the announcement, Hidefumi Morita, President of NP-USA® and CEO of NPAC, stated, "The sale of Seibert Powder Coatings is consistent with Nippon Paint's management strategy which seeks to focus on growing its core businesses. We are very pleased that we are able to sell our powder paint segment to Protech, a company sincerely committed to continuing to provide quality powder paint to the market."
NPAC's liquid paint division will continue to supply paint and coatings to its OEM and Tier automotive customers. "We will continue to focus on providing the highest quality paint to our existing automotive customers while seeking to expand our business throughout North America," said Mr. Morita.
About Nippon Paint Co., Ltd.
Nippon Paint (USA) Inc. (NP-USA®) was established in 1990 as a wholly owned subsidiary of Nippon Paint Co., Ltd. of Osaka, Japan to function as both a holding company for U.S. operations and a distributor for its affiliates. NP-USA®'s mission is to enhance Nippon Paint's position in the U.S. market by facilitating the successful achievement of the goals of the NP-USA® Group. For more information visit www.nipponpaintusa.com
The Protech group is a global leader in the development, production, and marketing of thermoset and thermoplastic powder coatings. They produce coatings under the Protech, Prolux, Oxyplast, Thermoclad and Innotek labels. Protech offers the most complete product range in the industry, with eight production facilities in the Americas and Europe and 15 licensees in South America, The Middle East, and Asia. Its powder coatings brands rank in the top 5 worldwide. Protech is a privately held company headquartered in Montreal, Canada. For more information visit www.protechpowder.com
About Nippon Paint Co., Ltd.
Nippon Paint Co., Ltd., (NPC), headquartered in Osaka, Japan was established in 1881 and today is a leader in the global paint and coatings industry. Its managing principle is to contribute to the welfare of society as a whole through its business activities, working together for the mutual harmony and benefit of everyone. It is Nippon Paint's vision to expand globally as a specialty chemical company, offering high value-added coatings. Additionally, it is their fundamental commitment to become a trusted, eco-friendly company that helps protect the environment. For more information visit www.nipponpaint.co.jp
About NPA Coatings Inc.
NPA Coatings Inc. (NPAC) was established in 1991 and is a wholly owned subsidiary of Nippon Paint (USA) Inc. NPAC's principal business is the manufacture and sale of automotive coatings.