Terms were not disclosed.
Sierracin employs approximately 600 people and has been a leading supplier of advanced composite transparencies to the aerospace industry since 1952. The company pioneered the development of plastic transparencies for military fighter jets and supplies lightweight transparencies to the commercial and general aviation industries. Sierracin is also a key supplier to the transparent armor industry. Sierracin’s advanced composite technologies complement PPG’s existing glass capabilities, and will provide PPG with a broader product portfolio for the aerospace and transparent armor industries.
“This acquisition demonstrates our strategy to grow our aerospace business by diversifying our range of technology,” said Charles E. Bunch, chairman and chief executive officer of PPG. “Sierracin’s military aerospace transparencies business, particularly its advanced composite products for the fighter jet industry, will enhance our offering to this key industry.”
PPG’s aerospace business supplies aircraft windshields and windows for the commercial, military, regional and general aviation industries. In addition, PPG is the world’s leading supplier of coatings, sealants and application systems serving original-equipment manufacturers and the maintenance segments of the aerospace industry. Pittsburgh-based PPG is also a global supplier of coatings, chemicals, optical products, glass and fiber glass. Sales in 2005 were US$10.2 billion.
Statements contained herein relating to matters that are not historical facts are forward-looking statements reflecting PPG’s current view with respect to future events and financial performance. These matters involve risks and uncertainties that may affect PPG’s operations, as discussed in PPG’s filings with the Securities and Exchange Commission pursuant to Sections 13(a), 13(c) or 15(d) of the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.
Accordingly, many factors may cause actual results to differ materially from the forward-looking statements contained herein. Such factors include increasing price and product competition by foreign and domestic competitors, fluctuations in cost and availability of raw materials and energy, the ability to maintain favorable supplier relationships and arrangements, economic and political conditions in international markets, foreign exchange rates and fluctuations in such rates, and the unpredictability of existing and possible future litigation, including litigation that could result if the asbestos settlement discussed in PPG's filings with the SEC does not become effective.
However, it is not possible to predict or identify all such factors. Consequently, while the list of factors presented here is considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements.
Consequences of material differences in results compared with those anticipated in the forward-looking statements could include, among other things, business disruption, operational problems, financial loss, legal liability to third parties and similar risks, any of which could have a material adverse effect on PPG’s consolidated financial condition, operations or liquidity. All information in this news release speaks only as of September 20, 2006, and any distribution of this presentation after that date is not intended and will not be construed as updating or confirming such information.