After more than a dozen years under private-equity ownership, Wallingford-based Dexmet Corp. is going to be part of a public company.
Pittsburgh-based paints, coatings and specialty materials manufacturer PPG, which trades on the New York Stock Exchange and had $15.4 billion in 2018 net sales, said Monday it had reached an agreement to purchase Dexmet from Sverica Capital Management for an undisclosed sum.
Dexmet, which has approximately 75 employees, manufactures expanded metal foils and polymers, which are used to protect wind turbines and airplanes from lightning strikes, and in applications for automotive components, batteries and fuel cells.
“The acquisition of Dexmet will enable PPG to provide further value to our customers by enhancing our range of product offerings, expanding our research and development capabilities, and increasing our market reach across PPG’s aerospace, automotive and industrial coatings businesses,” Michael McGarry, PPG’s chairman and CEO, said in a statement.
Sverica acquired Dexmet in 2013 from MCM Capital Partners II, a fellow private equity firm based in Ohio. MCM had owned Dexmet since 2006.
