Mergers Acquisitions  
AkzoNobel Turns Down Another  
Purchase Offer From PPG Industries  
kzoNobel continues to say “no” it is “disappointed that AkzoNobel has sion coatings for glazing systems and  
to PPG Industries. As of press once again refused to enter into a nego- other façade elements. PPG exited the  
time,the Dutch chemicals com- tiation regarding a combination of the glass manufacturing business last year  
pany had rejected three takeover bids two companies,”and that AkzoNobel is when it sold that segment to Mexi-  
from U.S.-based PPG. “ignoring the best interests of its stake- co-based Vitro, though the company  
PPG has been courting AkzoNo- holders, including long-term share- still supplies coil and extrusion coat-  
bel since at least early March, having holders who overwhelmingly support ings for curtainwall, storefront and  
pitched two acquisition offers that engagement.”  
metal panels. The firms are also well-  
month—the latter for $24.2 billion, Both companies confirmed PPG CEO known for their paint products, among  
which was followed by a revised pro- Michael McGarry, along with the com- other offerings, for a wide variety of  
posal in April. The most recent offer pany’s lead independent director Hugh applications, including in the architec-  
was for approximately $27 billion, Grant, met with Buchner and Akzo- tural and industrial segments.  
which AkzoNobel again asserts is an Nobel supervisory board chairperson  
undervaluation of the business.  
Antony Burgmans in early May. Ac- Wingate Partners Acquires  
“As part of our fiduciary duties, we cording to PPG, the meeting lasted less Binswanger Glass  
conducted an extensive review of the than 90 minutes,and AkzoNobel repre-  
Wingate Partners has acquired  
third proposal from PPG,” AkzoNobel sentatives stated up front that they did Memphis, Tenn.-based Binswanger  
CEO Ton Buchner said in a statement. not have the intent nor the authority to Glass, and will support the current  
AkzoNobel, contains significant risks In April, AkzoNobel outlined plans  
… The PPG proposal undervalues negotiate.  
management team going forward.  
“The partnership between Bin-  
and uncertainties, makes no substan- to separate its specialty chemicals seg- swanger Glass and Wingate is a testa-  
tive commitments to stakeholders ment from its coatings business, and ment to the success of Binswanger’s  
and demonstrates a lack of cultural reiterated its commitment to do so in core principles of safety, attracting and  
retaining exceptional people,maintain-  
PPG also issued a statement, saying  
the latest announcement.  
AkzoNobel produces coil and extru- ing key relationships with the strongest  
suppliers of glass and glass-related  
products and,ultimately,providing our  
customers with unmatched service for  
all their glass needs,” says Tim Curran,  
CEO of Binswanger. “This is an excit-  
Bavelloni Signs Agreement for  
Glaftsertsoevenral Pmorntehs-oPf nergootiactieonss, sBaivnellogni SPpAusigrncedhanaasgreee-  
ing time for Binswanger Glass as the  
investment by Wingate Partners will  
help accelerate our growth in new and  
existing markets.”  
ment on April 28 to purchase Glaston’s pre-processing business in the  
United States and Canada.  
The new company, Bavelloni America Inc., will be based in Greensboro, N.C.,  
and will be wholly owned by Bavelloni SpA. It will employ ten people, who will  
take care of machinery and spare parts sales in North America and provide  
after-sales services through qualified field technicians.  
We believe this operation will greatly contribute toward strengthening our  
presence on the local market and improve our business growth,” says Franco  
Pirola, partner and sales director for Bavelloni.  
In March 2016, Binswanger an-  
nounced that Yukon Partners, a pro-  
vider of mezzanine capital for middle  
market private equity transactions,had  
partnered with Grey Mountain Part-  
ners to recapitalize Binswanger En-  
terprises. The company acquired a  
minority equity interest in the com-  
pany at that time.  
Glaston will continue to act as the official Bavelloni distributor in Mexico,  
Brazil and Singapore.  
Binswanger Glass serves 15 states  
with 64 locations. n  
USGlass, Metal & Glazing | June 2017  

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