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PPG sells auto glass and chemicals businesses

Post Time:Nov 12,2013Classify:Industry NewsView:107

Sept. 13, officials from PPG Industries of Pittsburgh announced the company is selling its automotive glass business for $500 million. Yesterday, company officials announced it will sell its fine chemicals business for about $65 million, according to a Sept. 17 company release. Platinum Equity of Beverly Hills, Calif., agreed to buy the auto glass business, and ZaCh System S.p.A., a subsidiary of Zambon Company S.p.A., of Milan, the chemicals business. Both transactions should be finalized in the fourth quarter, according to the release. In the release, CEO and PPG Chairman Charles Bunch said the deals mark PPG’s growing focus on its coatings and specialty products segment. “Following last week’s announcement of our potential divesture of our auto glass businesses, this transaction is yet another step toward achieving PPG’s vision of continuing to be the leading coatings and specialty products and services company,” Bunch said. In the Sept. 13 release, Bunch said the sale of the auto glass business will also allow the company to grow its business in Asia. Nine glass plants and nine satellite facilities that employ about 4,400 people combined will be sold as part of PPG’s auto glass business. Employees of the Meadville, Pa., PPG Industries plant worry they might be out of work following the PPG announcement that the company is selling the facility, according to a Sept. 14 article from The Meadville Tribune. Read the full article here. Read the release about the auto glass business here and the release about the chemicals business here.Share this article:

Source: http://www.glassmagazine.com/news-item/commercial/ppg-sells-auto-glass-and-chemicals-businessesAuthor:

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