PPG Industries (NYSE: PPG) is buying Canal Supplies Inc. for an undisclosed amount.
Canal, headquartered in Panama, distributes protective marine coatings to customers in Central America.
Pittsburgh-based PPG makes coatings and specialty materials, including the Amercoat, Pitt-Char and Sigma Coatings brands.
The deal should expand access to PPG products in Central America, specifically Costa Rica and Panama, which PPG says are growth markets for protective and marine coatings. In July, PPG agreed to sell its Transitions Optical staketo Essilor International SA. In May, the company closed a deal for coatings assets from Deft Inc.
There have been several recent shipping deals, including Rand Logistics Inc.'s (Nasdaq: RLOG) March purchase of a tanker. These types of deals are also leading to M&A in the surrounding industries.