PPG, based in Pittsburgh, is forming a separate company to include its commodity chemicals company, according to a statement today. The company will then be sold to Atlanta-based Georgia Gulf.
The acquisition is expected to be completed late this year or early next year. The company expects to have revenues of $5 billion, according to the statement.
“This transaction is another major step in our strategic transformation into a more focused coatings and specialty products company,” PPG Chairman and Chief Executive Officer Charles Bunch said in the statement.
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