PPG commences split-off exchange offer for commodity chemicals business
PPG Industries (NYSE:PPG) today 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 separation and merger of Eagle Spinco Inc., 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 (NYSE:GGC). As previously announced, PPG entered into definitive agreements as of July 18, 2012, to separate and merge its commodity chemicals business with Georgia Gulf.