PITTSBURGH--(BUSINESS WIRE)--PPG (NYSE:PPG) announced today, in connection with LKQ Corporation’s announcement of its definitive agreement to purchase Pittsburgh Glass Works (PGW), that it will divest its approximately 40 percent minority ownership interest in PGW. LKQ announced that it expects the transaction to close in the second quarter 2016, subject to customary closing conditions.
“PGW’s sale concludes PPG’s longstanding involvement in the automotive glass industry, as we continue to sharpen our focus on building a growing market position in paint, coatings and specialty materials,” said Michael McGarry, PPG president and chief executive officer.
PPG has held a minority interest in PGW since 2008, when it completed the sale of its automotive glass and services business to PGW, which was controlled by Mount Kisco, N.Y.-based Kohlberg & Company, LLC.
PPG: BRINGING INNOVATION TO THE SURFACE.™
PPG’s vision is to
be the world’s leading coatings company by consistently delivering
high-quality, innovative and sustainable solutions that customers trust
to protect and beautify their products and surroundings. Through
leadership in innovation, sustainability and color, PPG provides added
value to customers in construction, consumer products, industrial and
transportation markets and aftermarkets to enhance more surfaces in more
ways than does any other company. Founded in 1883, PPG has global
headquarters in Pittsburgh and operates in more than 70 countries around
the world. Reported net sales in 2015 were $15.3 billion. PPG shares are
traded on the New York Stock Exchange (symbol: PPG). For more
information, visit www.ppg.com
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Forward-Looking Statements
Statements in this news release
relating to matters that are not historical facts are forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995 reflecting the company’s current view with respect to
future events or objectives and financial or operational performance or
results. The forward-looking statements contained herein include
statements relating to the timing of completion of the purchase of
Pittsburgh Glass Works by LKQ Corporation. Actual events may differ
materially from current expectations and are subject to a number of
risks and uncertainties, including the satisfaction of the conditions of
the acquisition and other risks related to completion of the acquisition
and actions related thereto; the parties’ ability to complete the
acquisition on the anticipated terms and schedule, including the ability
to obtain any necessary regulatory approvals, and the other risks and
uncertainties discussed in PPG Industries’ periodic reports on Form 10-K
and Form 10-Q, and its current reports on Form 8-K filed with the
Securities and Exchange Commission. Forward-looking statements speak
only as of the date of their initial issuance, and PPG Industries does
not undertake any obligation to update or revise publicly any
forward-looking statement, whether as a result of new information,
future events or otherwise.
Bringing innovation to the surface is a trademark and the PPG Logo is a registered trademark of PPG Industries Ohio, Inc.
