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PPG to Sell Fine Chemicals Business to ZaCh System S.p.A. for Approximately $65 Million



9/17/2007 11:46:49 AM

PITTSBURGH--(BUSINESS WIRE)--PPG Industries (NYSE:PPG) 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. “Following last week’s announcement of our potential divestiture of our auto glass businesses, this transaction is yet another step toward achieving PPG’s vision of continuing to be the leading coatings and specialty products and services company,” said Charles E. Bunch, PPG chairman and chief executive officer.

Read at BioSpace.com


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