PPG Paints will be renamed Pittsburgh Paints Company following the sale of PPG Industries’ architectural coatings division, headquartered in Cranberry Township, to a private equity partnership in New York City.

The new owner, American Industrial Partners, announced the transaction Monday afternoon, Dec. 2. The sale is expected to close later this year or early next year.

Jaime Irick, former senior vice president of architectural coatings at PPG and now CEO at the newly-independent Pittsburgh Paints Company, expressed confidence in a future relationship with AIP.

“Our entire team is excited to begin this next chapter for our business, and I am confident AIP is the ideal partner for us as we pursue our value-creation plans as an independent company,” Irick said. “AIP's strong operational approach and customer focus, combined with its track record and building products expertise, will be highly complementary to our team.”

AIP is an investor that focuses on industrial businesses in the U.S. and Canada.

PPG’s architectural coatings business fits into AIP’s portfolio as a global supplier of paints, coatings, chemicals, glass and other specialty materials. The business employs more than 6,000 people in the U.S. and Canada.

The headquarters of Pittsburgh Paints Company is expected to remain in Cranberry.

“Now a newly independent company, we call on Pittsburgh Paints Company's 125-year legacy of innovation and product excellence as we chart an aggressive course of transformation and renewal within this extraordinary industry,” AIP’s Rick Hoffman said in a news release.

The Pittsburgh Post-Gazette reported that the sale of PPG Paints to AIP is expected to be valued at $550 million.