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Stock Market & Financial Investment News

News Breaks
December 21, 2012
08:13 EDTPPG, GGCGeorgia 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.
News For GGC;PPG From The Last 14 Days
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April 16, 2015
08:32 EDTPPGPPG Industries increases quarterly dividend, approves 2-for-1 stock split
The board of directors of PPG Industries declared a regular quarterly dividend of 72c per share, payable June 12 to shareholders of record May 11. This marks the company’s 467th consecutive dividend payment. PPG’s previous dividend, paid in March, was 67c per share. The company has paid uninterrupted annual dividends since 1899. PPG directors also approved a 2-for-1 split of the company’s common stock for all shareholders of record as of the close of business May 11. On June 12, following payment of the quarterly per-share dividend, each shareholder will also receive a stock dividend of one additional share of common stock for each share held on the record date. PPG common stock will begin trading on a split-adjusted basis on Monday, June 15.
08:12 EDTPPGPPG Industries announces business restructuring program
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08:12 EDTPPGPPG Industries reports Q1 adjusted EPS $2.37, consensus $2.34
Reports Q1 revenue $3.7B, consensus $3.79B. “Looking ahead, we anticipate stronger global economic growth in the coming quarters, including a resumption of growth in Europe and a return to a higher growth rate in the U.S.,” the company said. “We remain well-positioned to leverage this growth into strong earnings contributions, given our lower cost base stemming from our continued cost management actions. We remain focused on aggressively managing our costs and are initiating restructuring actions concentrated on securing the synergies we committed to with our recent acquisitions, along with other global productivity measures in certain businesses and regions.”

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