US PPG to sell fine chemicals business for $65m

17 September 2007 15:45  [Source: ICIS news]

HOUSTON (ICIS news)--US specialty chemicals company PPG Industries is selling its fine chemicals business to an Italian firm for $65m (€47m), the company said on Monday.

The company, ZaCh System, should complete the deal in the fourth-quarter, PPG said.

ZaCh is a subsidiary of Zambon, a pharmaceutical and chemical company based in Milan, Italy.

The deal will include a charge to income of less than 15 cents/share, PPG said.

"This transaction is yet another step toward achieving PPG's vision of continuing to be the leading coatings and specialty products and services company," said Charles Bunch, the company's chief executive.

Earlier, PPG said it was selling its auto glass business.

($1 = €0.72)
By: Al Greenwood
+1 713 525 2653

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