Pittsburgh-based PPG Industries, a maker of coatings and specialty materials, has submitted an offer to buy a majority stake in the aerospace and automotive sealants businesses of France-based sealants and adhesives products supplier, Le Joint Francais (LJF). Financial terms of the offer were not given.
LJF has been a licensee of PPG's aerospace sealant technology for more than 60 years. It is subsidiary of the Hutchinson Group, a global leader in sealing systems, vibration, acoustic and thermal insulation, fluid transfer systems, transmission and mobility.
PPG said LJF's aerospace and automotive sealants businesses, which employ over 200 people, will be spun off to form a new, separate entity. PPG Industries will hold a majority interest in the new entity which will continue to operate in Bezons, France, at the facility where these businesses are currently based.
The transaction is expected to complete in the second half of 2015.
“This would allow us to serve our aerospace and automotive customers with greater geographic reach and with a wider array of automotive products,” said Michael McGarry, PPG chief operating officer.