MOSCOW (MRC) -- PPG Industries yesterday announced the successful closing of the previously announced separation of its commodity chemicals business and merger of its wholly-owned subsidiary, Eagle Spinco Inc., with a subsidiary of Georgia Gulf Corporation, according to PPG's press release.
As MRC wrote earlier, Georgia Gulf and PPG Industries announced the merger between commodity chemicals business in July, 2012.
Pursuant to the merger, Eagle Spinco, the entity holding PPG’s former commodity chemicals business, is now a wholly-owned subsidiary of Georgia Gulf. The closing of the merger followed the expiration of the related exchange offer and the satisfaction of certain other conditions. The combined company formed by uniting Georgia Gulf with PPG’s former commodity chemicals business will be named Axiall Corporation and will be traded on the New York Stock Exchange under the ticker symbol AXLL.
In connection with the separation of PPG’s commodity chemicals business and its merger with Georgia Gulf, PPG also received approximately USD900 million in cash.
PPG will report the results of its commodity chemicals business for January 2013 and a net gain resulting from the separation as results from discontinued operations when it reports its results for the quarter ending March 31, 2013.
The Georgia Gulf Corporation has historically been a major manufacturer and marketer of chlorovinyls (caustic soda, chlorine, VCM, EDC, PVC resins, PVC rigid and flexible compounds) and aromatics (acetone, cumene, phenol). With the acquisition of Royal Group Technologies the company is now also a major producer of building materials ranging from piping and siding to window profiles, decking, and fencing.
PPG Industries Inc. is an Americain international company that produces paints, chemicals, optical components, specialty materials, glass and fiber glass. The company consists of more than 150 production units and offices in more than 60 countries. PPG industries is in the list of the top 500 U.S. corporations in terms of sales of. As MRC reported previously, PPG Industries plans to open its first factory in Russia near Tver. As of today, PPG Industries has no production facilities in Russia.
MRC