PPG has no plans to sell chlor-alkali business

20 April 2007 18:08  [Source: ICIS news]

TORONTO (ICIS news)--PPG Industries, a US chemicals, coatings and glass maker, currently has no plans to sell its chlor-alkali business, a spokesman said on Friday, refuting media and analysts' speculation.

 

PPG was not evaluating its chlor-alkali business, but the company was always assessing its product portfolio to maximise shareholder value, the spokesman said.

 

He spoke with reference to analysts' and media speculation that PPG may be seeking to sell the chlor-alkali business, along with its auto glass and fine chemicals business.

 

The Pittsburgh, Pennsylvania-based company on Thursday reiterated plans, disclosed in February, to divest or restructure the fine chemicals and automotive glass businesses.

 

Analysts at Deutsche Bank said last month that PPG may also sell its chlor-alkali business, using the proceeds to strengthen its position in coatings.

 

In a research note on Friday, Deutsche said it believed PPG could disclose further details about its plans for the chlor-alkali business at an investor meeting in May.

 

Deutsche rates PPG’s shares buy with a target of $80/share.

 

The shares were priced at $74.85/share, down 0.86%, in Friday morning trading in New York after jumping from $70.92/share to $75.50/share on Thursday.

By: Stefan Baumgarten
+1 713 525 2653

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