Acquisitions

3 Months Ended

Mar. 31, 2013

Business Combinations [Abstract]

Acquisitions

Acquisitions

During the three months ended March 31, 2012, the Company closed two acquisitions related to its coatings businesses. The total cost of these acquisitions was $202 million, including debt assumed of $120 million. These acquisitions also provide for contingent payments and escrowed holdbacks.

In early January 2012, PPG completed the purchase of European coatings company Dyrup A/S (“Dyrup”), based in Copenhagen, Denmark, from its owner, Monberg & Thorsen A/S, a public holding company, for $44 million, of which $26 million is currently being held in escrow. As part of the transaction, PPG assumed debt of $120 million and acquired cash of $6 million. Dyrup, a producer of architectural coatings and woodcare products, operates six manufacturing facilities throughout Europe, and its products are sold primarily in Denmark, France, Germany, Portugal, Poland, and Spain through professional and do-it-yourself channels.

Also in early January 2012, PPG completed the purchase of the coatings businesses of Colpisa Colombiana de Pinturas and its affiliate, Colpisa Equador (“Colpisa”), for $38 million, of which $2 million is held back as contingent payments at March 31, 2013. Colpisa manufactures and distributes coatings for automotive OEM, automotive refinish and industrial coatings customers in Colombia and Ecuador.

The purchase price allocations related to the acquisitions made in 2012 resulted in an excess of purchase price over the fair value of the tangible and identifiable intangible assets acquired and liabilities assumed, which was recorded as an addition to "Goodwill".

The following table summarizes the fair value of assets acquired and liabilities assumed as reflected in the final purchase price allocations for the Dyrup and Colpisa acquisitions.

	(Millions)
Cash	$	6
Current assets	131
Property, plant, and equipment	79
Goodwill	24
Other intangibles	26
Other non-current assets	19
Total assets	$	285
Short-term debt	(110		)
Current liabilities	(64		)
Long-term debt	(10		)
Other long-term liabilities	(19		)
Net assets	$	82
Total purchase price including cash in escrow and contingent payments	$	82