PPG Industries Inc. announced Friday a deal to sell its remaining fiberglass operations to Nippon Electric Glass Ltd. 5214, -1.31% and expects proceeds of $545 million.
The paints, coatings and materials company said the deal is expected to close in the second half of 2017. The operations being sold include manufacturing facilities in Chester, South Carolina, and Lexington and Shelby, North Carolina, and administrative operations in Shelby, which employ more than 1,000 people with sales of $350 million last year.
PPG had sold its European fiberglass operations in 2016, and divested from two Asian fiberglass joint ventures. PPG is locked in a battle to buy rival Dutch paint maker Akzo Nobel NV which has rejected PPG’s $27 billion takeover bid.
PPG’s stock, which is still inactive in premarket trade, has rallied 13% year to date, while the S&P 500 has gained 7.9%.
By Tomi Kilgore
Source: MarketWatch
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