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PPG Says Automotive Glass Sale Being Contested In Court
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 PPG Industries Inc. on Thursday said the private equity firm that agreed to buy its automotive glass businesses wants out of the $500 million deal.
PPG announced in September that it was selling the businesses to Beverly Hills, Calif.-based Platinum Equity.
PPG said Platinum's affiliates have filed suit in the state court in New York, claiming the equity firm is not obligated to go through with the deal.
PPG intends to "vigorously enforce its rights under its agreement with the Platinum group," the company said in a statement.
If the deal falls through, PPG said it will continue to explore selling or restructuring the automotive glass and service businesses. PPG has said the sale was part of a strategy to focus on coatings and specialty products and reduce its exposure to the U.S. automotive market.
The businesses supply windshields and windows to automakers and replacement auto glass for the aftermarket. They also provide insurance-claim services.
The businesses have 4,400 employees in the U.S. and Canada. They work at plants and centers in Creighton, Tipton and Meadville in Pennsylvania, as well as Berea, Ky.; Crestline, Ohio; Evansville, Ind.; Evart, Mich.; Fort Myers, Fla.; Paducah, Ky.; and Hawkesbury and Oshawa, Ontario.
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December 31st, 2007
Photo: PPG
Source: PPG |
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