PPG announced the completion of the sale of its U.S. and Canada architectural coatings business to industrial investor, American Industrial Partners (AIP). The business sold at a value of $550 million.

“We are pleased to complete this transaction with American Industrial Partners,” says Tim Knavish, PPG chairman and chief executive officer. “This transaction, along with the completed sale of our silicas products business, further optimizes our portfolio by improving our organic growth and financial return profiles and will result in increased capability to channel our growth resources to areas where we have the strongest right to win with our customers.”

PPG’s evaluation of strategic alternatives for the company prompted the transaction, first announced on February 26, 2024. With this business excluded from their portfolio, PPG expects net sales to increase. 

The company’s architectural coating businesses in Latin America, Europe and Asia Pacific are still owned by PPG.

Along with the sale, the company has been renamed as The Pittsburgh Paints Company, to honor its mission and heritage. The name, The Pittsburgh Paints Company, carries a rich history dating back to 1897 when the original company began marketing paints designed to be both durable and visually appealing.

“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,” says Rick Hoffman, partner at AIP. “Pittsburgh Paints Co.’s broad foundation, respected brand portfolio and experienced team are primed for growth, and we are proud to be their partners.”