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Stock Market & Financial Investment News

News Breaks
December 21, 2012
08:13 EDTGGC, PPGGeorgia Gulf says PPG Industries gets favorable IRS ruling on planned deal
Georgia Gulf Corporation (GGC) announced that a favorable private letter ruling has been received by PPG Industries (PPG) from the U.S. Internal Revenue Service with respect to the previously announced separation of PPG’s commodity chemicals business and subsequent merger of a newly formed company owning the commodity chemicals business with a subsidiary of Georgia Gulf Corporation. The receipt of the ruling is a closing condition and an important milestone in moving towards completion of the transaction, Georgia Gulf said. If approved by Georgia Gulf’s shareholders at its special meeting, the merger is expected to close in late January 2013. The terms of the proposed transaction call for PPG to form a new company by separating its commodity chemicals business through a spinoff or split off, and then immediately thereafter merging that business with a Georgia Gulf subsidiary in a Reverse Morris Trust transaction. The proposed merger would result in PPG shareholders receiving approximately 50.5% of the shares of the merged company, with existing Georgia Gulf shareholders owning approximately 49.5% of the newly merged company.
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July 18, 2014
09:02 EDTPPGPPG Industries to sell Mt. Zion float glass manufacturing facility
PPG Industries announced that it has reached a definitive agreement to sell substantially all the assets of its Mt. Zion, Illinois, glass manufacturing facility to automotive glass manufacturer Fuyao Glass America Inc. The sale is expected to close in the third quarter 2014, subject to customary closing conditions. Financial terms were not disclosed. The sale of the Mt. Zion facility is consistent with the strategic initiative by PPG’s flat glass business to focus on its higher-technology, coated glass capabilities for residential and commercial construction application.
July 17, 2014
11:41 EDTPPGPPG Industries names Michael McGarry as COO, effective August 1
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08:14 EDTPPGPPG remains 'highly focused' on deploying 'strong' cash position
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08:13 EDTPPGPPG reports Q2 adjusted EPS from cont. ops $2.83, consensus $2.77
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