The Management would like to announce the business partnership between Omni-Plus System Pte Ltd (OPS), Itochu Plastics Pte Ltd(CIPLAS) and Itochu Plastics Inc., Japan (CIPS). Both Itochu companies together, will take up a 10% stake in OPS, effective Thursday, 1st June 2017. Mr Felix Wang, Chief Financial Officer of Itochu Plastics Pte Ltd, will be appointed as a Director in OPS.
PITTSBURGH, April 6, 2017 – PPG (NYSE:PPG) today announced that it has purchased the remaining 50 percent ownership interest in its Asian joint venture comprising IVC (Malaysia) Sdn Bhd and IVC-OPS (Singapore) Pte. Ltd. from its joint-venture partner, Omni-Plus System Pte. Ltd. Financial terms were not disclosed.
The IVC joint venture was formed in 2008 and principally supplies industrial coatings to the appliance and electronics-materials segments. In 2016, it had sales in excess of $5 million as an equity affiliate of PPG.
Included in PPG’s acquisition of the remaining 50 percent ownership interest in the IVC joint venture (including both the Malaysia and Singapore entities) are all machinery and equipment, property leases, working capital, customer list and relationships, and distribution and territorial rights in Asia. Additionally, all joint-venture employees, of whom there are fewer than 10, will become PPG employees.
“This transaction is an important follow-up to PPG’s 2015 acquisition of IVC Industrial Coatings, Inc., which is now fully integrated into our industrial coatings business,” said Shelley Bausch, PPG vice president, global industrial coatings. “The IVC products, operations and employees we added through that transaction have helped strengthen our business.
“We look forward to fully integrating the Asian IVC joint venture as well, so we can further enhance PPG’s ability to deliver value to our industrial coatings customers.”