PPG Executives And Directors Participated In Split-off Exchange Offer For Commodity Chemicals Business
PPG Industries (NYSE:PPG) today announced that certain company
executives and directors participated in the previously announced
exchange offer related to the separation of its commodity chemicals
PPG Industries (NYSE:PPG) today announced that certain company executives and directors participated in the previously announced exchange offer related to the separation of its commodity chemicals business. The exchange offer was in connection with the separation of Eagle Spinco Inc., a wholly-owned subsidiary of PPG that owned substantially all of the assets and liabilities of PPG’s commodity chemicals business, and the subsequent merger of Eagle Spinco Inc. with a subsidiary of Georgia Gulf Corporation. The combined company formed by the merger is named Axiall Corporation and is traded on the New York Stock Exchange under the ticker symbol AXLL. All PPG shareholders had the option to exchange any percentage of their shares of PPG common stock for shares of Eagle Spinco common stock. Shares of Eagle Spinco common stock automatically converted into shares of Axiall Corporation common stock. PPG executives and directors participated in the exchange offer as PPG shareholders and according to the same terms as all other PPG shareholders. The exchange offer expired and the merger closed on Jan. 28, 2013. PPG: BRINGING INNOVATION TO THE SURFACE.(TM) PPG Industries' vision is to continue to be the world’s leading coatings and specialty products company. Through leadership in innovation, sustainability and color, PPG helps customers in industrial, transportation, consumer products, and construction markets and aftermarkets to enhance more surfaces in more ways than does any other company. Founded in 1883, PPG has global headquarters in Pittsburgh and operates in nearly 70 countries around the world. Sales in 2012 were $15.2 billion. PPG shares are traded on the New York Stock Exchange (symbol: PPG). For more information, visit www.ppg.com. Bringing innovation to the surface is a trademark of PPG Industries Ohio, Inc.
Jefferies analysts note that recent construction spending data indicates a cycle rotation away from construction-exposed names and toward industrial- and durable goods-levered firms could be playing out.