The value of the transaction is estimated at EUR40-50 million, according to market sources.
“DEUTEK is a well-managed business with a long heritage of excellent customer service and a portfolio of well-recognized brands in Romania. The acquisition adds the fastest-growing paint brands in Romania, where PPG has only a small presence in architectural coatings. This important acquisition in Romania extends our presence in the region and complements our positions in Poland, Czech Republic, Hungary and Slovakia,” said Jean-Marie Greindl, PPG senior vice president, global architectural coatings, and president, PPG EMEA (Europe, Middle East and Africa).
Deutek ranked fourth among the largest paint manufacturers by turnover in 2015. In 2015, the company reported sales of RON131.6 million, up nearly 7% on the year, and a profit of RON13.2 million (EUR3 million).
“We have always focused on building a market-leading position based on trusted brands and innovative products. This vision is fully shared by PPG, which supports the management team and its development plans. We are confident that joining PPG will accelerate our innovation and thus help us to achieve performance consistent with our vision,” Deutek CEO Gabriel Enache said.
Deutek manufactures and markets a large portfolio of professional and consumer paints, including the OSKAR and Danke! brands. Its products are sold in more than 120 do-it-yourself stores and 3,500 independent retail outlets in Romania.
PPG is a global supplier of paints, coatings, optical products, specialty materials, and fiber glass.