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PPG acquires minority stake in Taiwan Chlorine Industries

April 18/2017
MOSCOW (MRC) -- PPG announced that it has acquired a 40 percent ownership interest in Taiwan Chlorine Industries Ltd. (TCI) from China Petrochemical Development Corporation (CPDC), said the company on its site. 
TCI was established in 1986 as a joint venture between PPG and CPDC to produce chlorine-based products in Taiwan, at which time PPG owned 60 percent of the venture. In conjunction with the 2013 separation of its commodity chemicals business, PPG transferred its ownership interest in TCI to Axiall Corporation. Axiall was subsequently acquired by Westlake Chemical Corporation in 2016.
In connection with the sale of PPG�s original 60 percent ownership interest in TCI to Axiall, CPDC was granted an option to sell its 40 percent ownership interest in TCI to Axiall for USD100 million following the three-year anniversary of PPG�s commodity chemical business separation. Axiall was concurrently granted the right to name PPG as its designee to purchase CPDC�s 40 percent ownership interest. In April 2016, CPDC elected to sell its 40 percent TCI ownership interest to Axiall, and in June, Axiall designated PPG to purchase this ownership interest.
PPG funded the acquisition, which represents a minority interest related to one of PPG�s legacy businesses, using cash on hand.

PPG Industries, Inc. (PPG) is a global supplier of protective and decorative coatings. Performance Coatings, Industrial Coatings and Architectural Coatings- EMEA segments supply protective and decorative finishes for customers in a range of end use markets, including industrial equipment, appliances and packaging; factory-finished aluminum extrusions and steel and aluminum. Founded in 1883, PPG has global headquarters in Pittsburgh and operates in nearly 70 countries around the world. Reported net sales in 2014 were USD15.4 billion.
Author:Anna Larionova
Tags:pigmentniy krasitel, paints and coatings, PPG, USA.
Category:General News
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