United States.
PPG has announced, in connection with LKQ Corporation's confirmation of its definitive agreement to acquire Pittsburgh Glass Works (PGW), that it will divest its approximate 40% minority ownership of PGW.
LKQ announced that it expects the transaction to close in the second quarter of 2016, subject to customary closing conditions. "The sale of PGW concludes PPG's long-standing involvement in the automotive glass industry, as we continue to sharpen our focus on building an ever-growing market position in specialty paints, coatings and materials," said Michael McGarry, president and CEO of PPG.
PPG has held a minority stake in PGW since 2008, when the sale of its PGW glass and automotive service business, which was controlled by Mount Kisco, the New York base of Kohlberg & Company, LLC, was completed.
