PPG Says Automotive Glass Sale Being Contested In Court

Date: 31 December 2007
Source: PPG
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.

600450 PPG Says Automotive Glass Sale Being Contested In Court glassonweb.com

See more news about:

Others also read

Madico®, Inc. Acquires Midwest Marketing’s Distribution Business
Madico, Inc., one of the world’s leading manufacturers of a broad range of materials-based solutions, announced its acquisition of the window film distribution business of Midwest Marketing, Inc.
Eastman Celebrates Partnership with Hendrick Motorsports' No. 88 Race Team with LLumar® Branded Celebration on 8/8
Eastman is launching an annual celebration over the course of its partnership with the No. 88 team on August 8, 2018 (8/8).
Guardian Automotive investing in calibration, customer service, quality and convenience. | Photo Guardian Industries Corp.
Guardian Automotive, a European supplier of automotive replacement glass, will use its presence at Automechanika 2018 to highlight its value proposition.
BASF invests in a state-of-the-art surface treatment site for its Chemetall brand in Pinghu, China
The Surface Treatment global business unit of the Coatings division of BASF, operating under the Chemetall brand, invests in a state-of-the-art surface treatment site in the Dushan Port Economic Development Zone of Pinghu, Zhejiang province, China.
IOCCO at Glasstec 2018
The latest solutions to process float and automotive glass.
Function meets Glass
Hot topic: Production and processing of functional glass and its fields of application.

From industry

Is Kuleleri, Kule: 2, Kat: 22, 4. Levent
34330 Levent-Istanbul/İstanbul
Turkey

Portuetxe bidea 18
20018 San Sebastián (Gipuzkoa) Guipúzcoa
Spain

Add new comment