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December 27, 2012
13:36 EDTPPG, GGCPPG begins exchange offer for split-off of commodity chemicals business
PPG Industries (PPG) announced that it has commenced its exchange offer related to the split-off transaction of its commodity chemicals business. The split-off transaction is in connection with the previously announced separation and merger of Eagle Spinco, a wholly-owned subsidiary of PPG that will own substantially all of the assets and liabilities of PPG’s commodity chemicals business, with a subsidiary of Georgia Gulf Corporation (GGC). PPG shareholders have the option to exchange all, some or none of their shares of PPG common stock for shares of Eagle Spinco common stock, subject to proration. Shares of Eagle Spinco common stock will convert automatically into the right to receive shares of Georgia Gulf common stock at the closing of the merger of a Georgia Gulf subsidiary with and into Eagle Spinco, which is expected to occur promptly after completion of the exchange offer. Tendering PPG shareholders are expected to receive approximately $1.11 of Georgia Gulf common stock for every $1.00 of PPG common stock tendered, subject to an upper limit. PPG will determine the prices at which shares of PPG common stock and shares of Eagle Spinco common stock, and ultimately Georgia Gulf common stock, will be exchanged by reference to the simple arithmetic average of the daily volume-weighted average prices of PPG common stock and Georgia Gulf common stock, respectively, on the New York Stock Exchange on each of the last three trading days of the exchange offer. PPG currently expects to issue approximately 35,236,010 shares of Eagle Spinco common stock in the exchange offer. The exact number of shares of Eagle Spinco common stock to be issued will be equal to the greater of 35,200,000 or 1.02020202 times the number of shares of Georgia Gulf common stock outstanding immediately prior to the merger. The exchange offer and withdrawal rights are scheduled to expire at 8:00 a.m., New York City time, on January 28, 2013, unless the exchange offer is extended or terminated.
News For PPG;GGC 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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