This is a new joint venture formed with entrotech, Inc, a provider of technology-driven film solutions. PPG retains a majority stake in the joint venture. Specific financial and ownership terms were not disclosed.
Paint films are multilayer applications in which at least one layer is made from paint. They provide a range of environmental benefits, including lower energy consumption, as well as new aesthetic options. The technology is currently used for automotive applications and has potential applications across a range of industrial end-uses.
"This joint venture will position our portfolio of paint films products for accelerated commercialisation, offering customers innovative products with high performance and significant sustainability benefits," said Tim Knavish, PPG president and chief executive officer. "This venture will be positioned for rapid global expansion aligned to PPG's portfolio."
PPG established its paint films capabilities in 2021 with the acquisition of Wörwag, a Germany-based coatings supplier that provides film products for a variety of automotive parts and panels. The JV will consist of the PPG Wörwag film assets and the automotive films business of entrotech.
The automotive films portfolio of entrotech includes automotive clear protective films and the Aero Sustainable Material Technology line of paint films. The company's patented and patent-pending technologies were originally developed in 2007 to meet the demanding requirements of motorsports and other applications.
In 2019, Aero films were first used on commercial automotive vehicle exteriors. The company has since further developed the technology for potential use in commercial transportation, marine, construction and other areas in which PPG operates.
"We are excited to join the global PPG family through this joint venture," said Jim McGuire, entrotech founder and CEO. "This agreement builds on a long collaboration, as we use PPG paint products to create our paint films. We look forward to expanding our reach globally with the PPG paint films team through this partnership."