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Regulators Clear Sale of PPG Division

aftermarketNews Staff
By aftermarketNews Staff
Published:

From AFX News Limited

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WASHINGTON — Antitrust regulators approved the sale of PPG Industries Inc.’s automotive glass business to a private equity firm for about $500 million, the Federal Trade Commission said Thursday.

PPG, based in Pittsburgh, makes paints and industrial coatings. Company officials said when announcing the deal in September that the sale will increase the company’s focus on coatings and specialty products and reduce its exposure to the U.S. automotive market.

The company sold the division to Beverly Hills, CA-based Platinum Equity.

The FTC included the deal on a list of transactions that received an "early termination" of its antitrust reviews. Early termination refers to the completion of a review before the end of a 30-day period required under antitrust law.

Shares of PPG rose 42 cents to $70.90 in morning trading Thursday.

Copyright 2007 AFX News Limited. All Rights Reserved.

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