TribLIVE

| Business


 
Larger text Larger text Smaller text Smaller text | Order Photo Reprints

PPG Industries completes spinoff of commodity chemicals unit

PPG $140.00 -$4.21

at close on MONDAY

Daily Photo Galleries

Monday, Jan. 28, 2013, 11:30 a.m.
 

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.

Add Alex Nixon to your Google+ circles.

 

 

 
 


Show commenting policy

Most-Read Stories

  1. State trooper shot and killed during training exercise
  2. Pair accused of stealing bronze vases at Greenwood Memorial Park
  3. Steelers’ Tomlin does not like his coaching style to be characterized
  4. Knife-wielding man attacks 2 in Sheetz lot in Greensburg
  5. NK grocery store robbed
  6. Rossi: Pirates plan to carry Hurdle deep into playoffs
  7. Stop nets 3 men on gun, drug charges in New Kensington
  8. Spokesman for India’s PM tells Pitt audience of pro-business agenda
  9. Pittsburgh rises up for a 2nd year of Pirates magic
  10. Hospitals, doctors in Pa. received $32M in 5 months from drug, medical device companies
  11. Franklin Regional stabbing suspect could leave Pa. for treatment
Subscribe today! Click here for our subscription offers.