PITTSBURGH _ The Pittsburgh Penguins organization on Tuesday announced a 20-year naming rights deal with PPG Paints that will see the company's name placed on the hockey team's arena.
The PPG name will replace that of Consol Energy Inc.
No financial terms were disclosed, although such deals typically are worth millions of dollars.
The change will take effect immediately.
Consol is giving up the naming rights six years into a deal that was to run 21 years. Its name has been on the arena since it opened in 2010.
Consol has struggled recently because of low natural gas and coal prices, reporting losses in the first and second quarters this year.
David Morehouse, the Penguins CEO, said PPG approached the team about the possibility of acquiring the naming rights. After the company made a "firm offer" to do so, the Penguins discussed it with Consol and an agreement was reached.
"It's a great opportunity for PPG. It's a great opportunity for the Penguins," Morehouse said.
Consol will remain an arena sponsor for the next 14 years under a restructured deal that will cost it less money.
"When the Penguins approached us with this opportunity, it neatly aligned in terms of where we are today and where PPG is heading. Though our priorities have evolved, we will maintain a presence in the arena and will continue to do our part in driving the region forward. As a company with deep roots in this region, we are pleased to be able to transfer the naming rights from one iconic Pittsburgh company to another," said Brian Aiello, Consol spokesman.
For PPG, the naming rights offers the company an opportunity to expand its brand not only in Pittsburgh but throughout the country and the world.
"We believe this will be a growth driver for our business," said Bryan Iams, PPG's vice president of corporate and government affairs.
The acquisition, he added, also reaffirms the company's commitment to Pittsburgh. It recently renewed its lease at PPG Place in the city's downtown until 2031.
"It's always a great day for hockey and it's a great day for PPG," he said.
