PPG to buy Indiana-based coatings manufacturer

PITTSBURGH — PPG Industries says it’s buying an Indiana-based manufacturer of specialty powder and liquid coatings.

The company announced the deal for IVC Industrial Coatings on Thursday, before the start of the Wall Street trading day.

Financial terms were not disclosed. The deal is expected to close in the third quarter.

The former Indianapolis Varnish Company had sales last year of more than $100 million. IVC has more than 300 employees at five manufacturing plants in Indiana, Michigan, Georgia, Arizona and China.

It also has a development lab in Manchester, England and a joint venture in Malaysia.

American retail sales rise 1.2% in May, up from April

WASHINGTON — Americans stepped up their spending at retailers in May, especially for autos, clothes and building materials, in a sign that strong job growth has begun to boost store sales.

Retail sales rose a seasonally adjusted 1.2 percent after a 0.2 percent gain in April, the Commerce Department said Thursday. Over the past 12 months, sales have risen a solid 2.7 percent.