PPG's architectural coatings business to be renamed The Pittsburgh Paints Company after sale

PITTSBURGH (KDKA) — PPG has sold its architectural coatings business, which will be renamed The Pittsburgh Paints Company.

American Industrial Partners announced on Monday that it completed the acquisition of PPG's U.S. and Canadian architectural coatings business, which houses brands like Liquid Nails, Glidden and Olympic. The sale was valued at $550 million, the Associated Press previously reported. 

"Now a newly independent company, we call on Pittsburgh Paints Co.'s 125-year legacy of innovation and product excellence as we chart an aggressive course of transformation and renewal within this extraordinary industry," said Rick Hoffman, partner at AIP, said in a press release. "Pittsburgh Paints Co.'s broad foundation, respected brand portfolio, and experienced team are primed for growth, and we are proud to be their partners."

The company will stay in the Pittsburgh area, with its headquarters in Cranberry Township.  

"AIP is the ideal partner to support our growth objectives and to build upon the exceptional customer service that is the foundation of our business," Pittsburgh Paints Co. CEO Jaime Irick said. "Our entire organization is excited about the opportunity ahead as we build a faster, more focused, and stronger company."

The announcement of the sale to American Industrial Partners came in October, when PPG also announced that it would lay off about 1,800 employees to cut costs, with the PPG CEO calling them necessary. PPG reported third-quarter net income of $468 million, falling short of Wall Street's expectations.   

PPG also agreed to sell its silicas products business to Poland-based QEMETICA S.A. for about $310 million in August.