Citation
(2008), "PPG to sell fine chemicals business", Pigment & Resin Technology, Vol. 37 No. 1. https://doi.org/10.1108/prt.2008.12937aab.023
Publisher
:Emerald Group Publishing Limited
Copyright © 2008, Emerald Group Publishing Limited
PPG to sell fine chemicals business
Industry news
PPG to sell fine chemicals business
PPG Industries has signed an agreement with ZaCh System S.p.A., the fine chemicals subsidiary of Zambon Company S.p.A., Milan, Italy, under which the company would divest its fine chemicals business for approximately $65 million. The transaction would include a book charge to income of less than $0.15 per share. Completion of the transaction is expected in the fourth quarter and is subject to customary closing conditions, including discussions with appropriate employee representative bodies in Europe and receipt of required regulatory approvals. PPG facilities included in the agreement are a pharmaceutical fine chemicals plant in LaPorte, Texas, and the PPG-Sipsy facility in Avrille, France. The pharmaceutical fine chemicals plant in LaPorte operates separately from PPG's adjacent phosgene derivatives facility there, of which PPG will retain operation.