Welcome Guest to Coatings World    Login || Register
Last Updated Monday, October 20 2014
Print RSS Feed

PPG to sell auto glass business to Kohlberg & Company



By Tim Wright



Published July 10, 2008
PPG Industries has signed an agreement with Kohlberg & Company, LLC, Mount Kisco, N.Y., under which PPG will divest its automotive glass and services business to a new company formed by Kohlberg.

PPG will receive $330 million in gross cash proceeds plus a minority ownership interest of approximately 40% in the new company. Net of payments to former minority interests, transaction fees, expenses and taxes, the transaction will result in approximately $270 million in cash to PPG.

"This transaction is another positive step forward in our portfolio transformation," said Charles Bunch, PPG chairman and CEO. "It enables us to focus more on coatings and specialty products, and significantly reduces PPG's exposure to the U.S. automotive market."

The company stated the net cash proceeds from the transaction will be utilized for general corporate purposes.



blog comments powered by Disqus
Receive free Coatings World emails
Sign up now to receive the weekly newsletter, and more!

Enter your email address:
Company Spotlight
BASF Corporation
100 Campus Drive
Florham Park, NJ, 07932
US
View Profile
Sunin Machine Co., Ltd.
No.96, Chiao Ho Rd ,Chungho Dist
New Taipei City, Taiwan , 235
Taiwan Roc
View Profile
Keeneyes
18F, No.85, Sec. 1, Chung-Shiao E. Rd.
Taipei, Taiwan, 100
R.O.C.
View Profile
AZ Electronic Materials Co., Ltd.
No. 458-6, Sinsing Road Hu Kou Township Hsinchu Country 303, Taiwan
Hsinchu Country, Taiwan, 303
Taiwan
View Profile
Shamrock Technologies, Inc.
Foot of Pacific Street
Newark, NJ, 07114
USA
View Profile
Houchi Chemical Co., Ltd
No.56, Fu Chow Street
Taipei, Taipei, 100
Taiwan
View Profile
Siltech Corporation
225 Wicksteed Avenue
Toronto, ON, M4H 1G5
Canada
View Profile
Micro Powders, Inc.
580 White Plains Rd.
Tarrytown, NY, 10591
US
View Profile
Lubrizol Advanced Materials, Inc.
9911 Brecksville Road
Cleveland, OH, 44141
US
View Profile
Follow Coatings World On