PPG Industries Inc. is actively seeking buyers or joint venture partners for its underperforming glass and chemicals businesses and will downsize those units if they aren't sold, company Chairman Charles Bunch said.
Speaking to reporters following PPG's annual meeting yesterday at the Hilton Pittsburgh, Downtown, Mr. Bunch said the effort to divest the struggling glass and chemicals businesses was in the early stages but that a number of potential investors had expressed interest. PPG was founded in 1883 as the Pittsburgh Plate Glass Co.
PPG's overall revenues shot up by 8 percent to $11 billion last year, fueled by sales and acquisitions in its coatings and optical products -- the business units the company has identified as its future growth engines.
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