WASHINGTON (dpa-AFX) - PPG Industries, Inc. (PPG) announced on Thursday that it has reached an agreement to divest its silicas products division to Qemetica S.A., a privately owned specialty chemicals manufacturer, for an estimated $310 million in pre-tax proceeds.
The deal encompasses PPG's manufacturing facilities for precipitated silicas located in Lake Charles, Louisiana, and Delfzijl, the Netherlands, as well as leasing arrangements for operations in Barberton, Ohio, and Monroeville, Pennsylvania.
PPG Chairman and Chief Executive Officer Tim Knavish said, 'This transaction will allow us to further focus our resources on our technology-differentiated coatings and specialty products businesses to accelerate our organic growth and drive increased shareholder value creation.'
The silicas product line accounts for 1-2% of PPG's total net sales for 2023 and currently employs around 400 individuals.
The transaction is anticipated to close in the fourth quarter of 2024, pending standard closing conditions.
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