Harris Williams Advises Whitford Worldwide on its Pending Sale to PPG
Harris Williams, a preeminent middle market investment bank focused on the advisory needs of clients worldwide for more than 25 years, announces that it is exclusively advising Whitford Worldwide Company (Whitford) on its pending sale to PPG Industries, Inc. (NYSE:PPG; PPG). Whitford is a global manufacturer that specializes in low-friction and nonstick coatings for industrial applications and consumer products. The transaction, which is subject to customary closing conditions, is being led by Patrick McNulty, John Lautemann, Ty Denoncourt and Jeff Mullen of Harris Williams’ Industrials Group.
“It has been a privilege to work with Whitford on this transaction and we look forward to watching their partnership with the PPG team drive continued success,” said John Lautemann, a director at Harris Williams. “Our firm has been active across the broader industrials and specialty chemicals sectors, and the sale of Whitford represents another marquee transaction for Harris Williams.”
“Over nearly 50 years, Whitford has built a premier specialty coatings platform with a global footprint,” said Ty Denoncourt, a vice president at Harris Williams. “We are thrilled to have helped the management team and shareholders find a partner that embraces Whitford’s strong heritage and will continue to grow the business.”
Whitford, a privately held company headquartered in Elverson, Pennsylvania, was founded in 1969. The company specializes in manufacturing low-friction, wear-resistant coatings for industrial applications in automotive, aerospace, energy and construction markets, and provides coatings services. Whitford also makes non-stick coatings for cookware, bakeware and small electric appliances such as toaster ovens, griddles, fry pans and irons. Whitford employs more than 700 people and operates 10 manufacturing facilities located in Elverson, PA, U.S.; Fostoria, Ohio, U.S.; Guelph, Ontario, Canada; Runcorn, UK; Brescia, Italy; Sao Paulo, Brazil; Jiangmen, China; Zhuhai, China; Tuas, Singapore; and Bangalore, India.
Founded in 1883, PPG manufactures and distributes paints, coatings and specialty materials in the United States and internationally. With headquarters in Pittsburgh, Pennsylvania, PPG operates in more than 70 countries and reported net sales of $14.7 billion in 2017. The company serves customers in construction, consumer products, industrial and transportation markets and aftermarkets.
Harris Williams (www.harriswilliams.com), a subsidiary of the PNC Financial Services Group, Inc. (NYSE:PNC), is a preeminent middle market investment bank focused on the advisory needs of clients worldwide. The firm has deep industry knowledge, global transaction expertise and an unwavering commitment to excellence. Harris Williams provides sell-side and acquisition advisory, restructuring advisory, board advisory, private placements and capital markets advisory services.
Harris Williams’ Industrials Group has experience across a variety of sectors, including advanced manufacturing; aggregates, metals, and mining; building products; chemicals and specialty materials; industrial technology; and packaging. For more information on the firm’s Industrials Group and other recent transactions, visit the Industrials Group’s section of the Harris Williams website.
Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which is a private limited company incorporated under English law with its registered office at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered with the Registrar of Companies for England and Wales (registration number 07078852). Harris Williams & Co. Ltd is authorized and regulated by the Financial Conduct Authority. Harris Williams is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business.