HIGH POINT – A High Point based company with an office in Thomasville has agreed to be acquired for $ 1.15 billion.
Ennis-Flint Inc., manufacturer of road markings, has entered into an agreement to sell to PPG, which manufactures paints, coatings and other materials for the construction, consumer goods, industrial and transportation markets.
A press release from Pittsburgh-based PPG indicating the approximate value of the transaction said the sale is expected to close in the next several months.
Ennis-Flint moved its headquarters from Thomasville to High Point in 2017 and moved into office space in the Triad Center complex at 4161 Piedmont Parkway.
The company states on its website that it is headquartered in Greensboro, but the building is located in the Piedmont Center industrial park in High Point.
It also has a manufacturing facility in High Point and a factory in Thomasville.
A company spokesman was unable to provide information on how many Triad employees Ennis-Flint has or what local impact the sale is likely to have.
According to PPG, Ennis-Flint is a privately held company that supplies traffic paints, raised pavement markings and other products from a network of manufacturing facilities in the US, Europe, South America and Asia.
The company employs around 1,000 people worldwide. According to PPG, which is present in more than 70 countries and had net sales of $ 15.1 billion in 2019, sales are expected to be around $ 600 million in 2020.
“We are thrilled to be joining the global PPG family,” said Matt Soule, President and CEO of Ennis-Flint, in a press release. “Our products and technologies are an excellent addition to PPG’s current product offering. The ability to leverage PPG’s world-class innovation and broad geographic footprint gives our products and employees more growth opportunities in the future.”