US PPG to sell auto glass businesses

13 September 2007 23:26  [Source: ICIS news]

HOUSTON (ICIS news)--US specialty chemicals company PPG Industries has agreed to sell two automotive glass segments for $500m (€360m) to Platinum Equity, the company said on Thursday.

“This transaction is a significant milestone in PPG’s continued transformation to focus on coatings and specialty products, and it will significantly reduce PPG’s exposure to the U.S. automotive market,” chief executive Charles Bunch said in a statement.

The two units being sold are PPG's automotive original-equipment-manufacture glass business as well as its automotive replacement glass and services business.

The deal should close in the fourth quarter, PPG said. Afterwards, PPG expects charges totalling 20-25 cents/share over the next few quarters.

“This sale will also provide us with more resources to pursue profitable growth in coatings, aerospace, optical products and opportunities in Asia," Bunch said in a statement.

($1.00 = €0.72)

By: Al Greenwood
+1 713 525 2653

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