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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowPittsburgh-based PPG Industries says it's buying an Indiana-based manufacturer of specialty powder and liquid coatings.
The company announced the deal for IVC Industrial Coatings Inc. on Thursday, prior to the start of the Wall Street trading day.
Financial terms were not disclosed. The deal is expected to close in the third quarter.
The former Indianapolis Varnish Co. had sales last year of more than $100 million. IVC has more than 300 employees at five manufacturing plants in Indiana, Michigan, Georgia, Arizona and China.
IVC was founded in Indianapolis in 1870. It moved its 55-employee plant and headquarters to Brazil in west-central Indiana in 2010.
It also has a development lab in Manchester, England, and a joint venture in Malaysia.
IVC's products are used on metal office furniture, material handling and storage products, automotive parts, motorcycles, small appliances and electronics.
PPG says acquiring IVC will strengthen its position in the United States and China.
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