From Associated Press

PITTSBURGH -- Paint supplier PPG Industries Inc. said yesterday that it agreed to sell its original equipment and aftermarket automotive glass businesses to Platinum Equity of Beverly Hills, CA, for about $500 million.

The deal is expected to result in a gain of 20 cents to 25 cents per share, which will be recorded over the next few quarters, PPG said.

PPG officials said the sale will increase the company's focus on coatings and specialty products, and significantly reduce its exposure to the U.S. automotive market.

The deal is expected to close in the fourth quarter.

PPG shares rose 23 cents to $75.24 in aftermarket trading, after adding 51 cents to $75.01 in the regular session.

Copyright 2007 Associated Press. All rights reserved.