PPG bulk chemicals division for sale

China Drying Network News American chemical manufacturer PPG Industries (PPG) announced on July 19 that it has agreed to sell its bulk chemicals division to Georgia Gulf Corp (GGC) for approximately US$2.1 billion. The deal is expected to be completed later this year or early next year.

Pursuant to the terms of the transaction, PPG shareholders will receive $1 billion worth of Georgia Gulf shares, while PPG will receive $900 million in cash. Including Georgia Gulf's PPG debt, the deal was worth about $2.1 billion. In addition, as part of this transaction, PPG will split or split it into a separate business before it is sold. PPG shareholders will receive a 50.5% stake in the new company.