US PPG, Georgia Gulf complete $2.1bn commodity chem merger Axiall

28 January 2013 17:43  [Source: ICIS news]

US PPG, Georgia Gulf complete $2.1bn commodity chem merger AxiallHOUSTON (ICIS)--US-based chlor-alkali producer PPG Industries announced on Monday that the commodity chemicals business merger with US-based Georgia Gulf has been completed.

The $2.1bn (€1.6bn) deal was originally announced in July. Earlier this month, the companies announced that the merged company will be named Axiall.

Under the arrangement, PPG separated its wholly-owned commodity chemicals business, Eagle Spinco Inc., and merged it with a subsidiary of Georgia Gulf. Monday’s closing of the deal followed the expiration of the related exchange offer and the satisfaction of certain other conditions, PPG said.

Axiall will trade on the New York Stock Exchange under the ticker symbol AXLL.

The combined company is expected to have annual revenues of around $5bn and be the third-largest chlor-alkali producer and the second-largest vinyl chloride monomer (VCM) producer in North America.

PPG said it will report results of its commodity chemicals business for January 2013 and a net gain resulting from the separation as results from discontinued operations when it reports its results for the quarter ending March 31, 2013.

 ($1 = €0.74)

Follow Ken Fountain (@ICIS_Ken) on Twitter.

By: Ken Fountain

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