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Chicago-based automotive parts company to buy Pittsburgh Glass Works

Post Time:Mar 01,2016Classify:Industry NewsView:333

A Chicago-based automotive parts and accessories company said today it will acquire Pittsburgh Glass Works, an automotive glass maker that is about 40 percent owned by PPG Industries.

 

LKQ Corp. put a $635 million price tag on the transaction, expected to be completed in the second quarter.

 

Pittsburgh Glass Works has annual revenue of $1.1 billion and operates 12 glass manufacturing plants that supply about 120 distribution centers. The company’s headquarters are on Isabella Street on the North Shore. It has operations in North America, Europe and China.

 

PPG divested Pittsburgh Glass Works in 2008, when it formed a joint venture with private equity fund operator Kohlberg & Company of Mount Kisco, N.Y. Kohlberg owns the majority stake in the venture.

 

PPG president and CEO Michael McGarry said the sale will allow PPG to sharpen its focus on its paint, coatings and specialty materials businesses.

 

In a statement, LKQ president and CEO Robert L. Wagman said Pittsburgh Glass Works will expand his company’s markets and provide ”tremendous distribution synergy opportunities.” He indicated LKQ’s intention ”to working with the existing core management team” at Pittsburgh Glass Works.

Source: http://www.post-gazette.com/business/pittsburgh-coAuthor: shangyi

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