PPG Industries, which has been trying to sell its underperforming glass and chemicals units, said that it would sell its automotive glass business to Platinum Equity, a private equity firm, for $500 million. According to PPG, the deal is expected to close by the end of 2007.
The business includes plants that manufacture windshields, sunroofs and rear and side windows for OEM customers as well as facilities that repair and service auto glass and handle insurance claims. PPG's glass unit employs a total of 4,400 people in the United States and Canada, and facilities include nine manufacturing plants, nine satellite parts assembly facilities and two claims management centers. Platinum Equities is based in Beverly Hills, California and has 22 companies in its diverse portfolio of businesses that include information technology, wireless communication, steel services and steel fabrication. PPG Chairman Charles Bunch said proceeds from the sale would be used to pursue growth opportunities in Asia for the company's coatings, optical products and aerospace units -- businesses he has identified as future growth areas for the company. The aerospace business has announced that it will create a new aircraft window repair facility in China. The operation will initially service Boeing aircraft and will be located at PPG's application support center in Suzhou, China.
