TribLIVE

| Business


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

PPG Industries completes spinoff of commodity chemicals unit

About Alex Nixon

PPG $140.00 -$4.21

at close on MONDAY

Daily Photo Galleries


By Alex Nixon

Published: 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.

 

 

 
 


Show commenting policy

Most-Read Stories

  1. North Versailles magisterial judge “retires” but remains on bench
  2. White Oak residents can sign up through borough police for county’s new registry
  3. Penguins insider: Malkin found confidence in Game 3
  4. Elizabeth council seeks $500,000 state gaming grant to aid flood recovery
  5. Switch in pairings helps Penguins defensemen find groove in Game 3
  6. Shots fired, Monessen house hit on S. 14th St.
  7. SCI-Pittsburgh inmate taken to AGH after ‘severe beating’
  8. Google challenges nonprofits on ideas to use Glass
  9. Greensburg high school athletes of the week: Yough’s Nolan Kosh, Hempfield’s Samantha Orie
  10. Husband to stand trial in Derry middle school teacher’s murder
  11. Pennsylvania Gov. Corbett wants candidate Wolf to release tax records
Subscribe today! Click here for our subscription offers.