PPG to Sell Flat Glass Operations to Vitro
PPG recently announced that it has reached a definitive agreement to sell its flat glass and glass coatings assets to Vitro S.A.B.
PPG recently announced that it has reached a definitive agreement to sell the assets of its flat glass manufacturing and glass coatings operations to Vitro S.A.B. de C.V. The transaction is expected to close by the end of 2016, subject to customary closing conditions. Under the terms of the agreement, PPG will divest its entire flat glass manufacturing and glass coatings operations, including production sites located in Fresno, Calif., Salem, Ore., Carlisle, Pa., and Wichita Falls, Texas; four distribution/fabrication facilities located across Canada; and a research and development center located in Harmar, Pa. PPG’s flat glass business includes approximately 1,200 employees.
“This transaction represents the end of an historic era for PPG as a manufacturer of flat glass, and it is another major step in our portfolio transformation to focus on paints, coatings, and specialty materials,” said Michael H. McGarry, PPG’s president and CEO. “Upon completion of this transaction, the flat glass operations will become part of a company that is focused on growing its core glass business.”
PPG will receive approximately $750 million in gross cash proceeds. Upon completion of this transaction and PPG’s recently announced transaction to divest its European fiber glass operations, approximately 98% of PPG’s business portfolio will be focused on paints, coatings, and specialty materials.