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. Rossi: At start, are Pens already finished?
  2. Accused Franklin Regional stabber allowed 1-hour furlough to pay respects to grandmother
  3. Identical twins born at West Penn Hospital a rare medical marvel
  4. Steelers’ Roethlisberger still hurting after hard hit from Ravens’ Upshaw
  5. Fleeting availability of pumpkin ramps up excitement for fall flavors
  6. City of Pittsburgh detective, 2 boys finalize adoption before judge
  7. Pittsburgh Public evacuates 3 schools after voicemail threat
  8. Embattled VFW mulls image among declining numbers
  9. Steelers notebook: RT Gilbert not in danger of losing his job
  10. Pennsylvania senator wants to arm school teachers, employees
  11. State awards 6 Western Pennsylvania schools mentoring grants
Subscribe today! Click here for our subscription offers.