PPG Industries completes spinoff of commodity chemicals unit
PPG Industries Inc. on Monday completed the splitoff and merger of its commodity chemicals business with an Atlanta-based company.
PPG's commodity chemicals unit, which produces chlorine, caustic soda and other chemicals, was merged with Georgia Gulf Corp., and the combined company was renamed Axiall Corp., PPG said.
Downtown-based PPG received $900 million in cash as part of the deal. It reduced the number of its outstanding shares by 7 percent, the company said.
Of the 72.1 million shares offered for exchange, about 14.3 percent will be exchanged, or 10.8 million shares, PPG said.
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