- PPG Industries (NYSE:PPG -0.3%) opens slightly lower after reporting in-line Q2 earnings and agreeing to sell its flat glass manufacturing and glass coatings operations to Mexico's Vitro (OTCPK:VITOF) for $750M.
- PPG says overall Q2 sales volumes were consistent with the year-ago period, and sales improved across the vast majority of its business segments, excluding currency effects; PPG expects an acceleration of volume growth in Q3 as recent growth initiatives begin to provide benefit.
- The sale to Vitro includes production sites located in Fresno, Calif.; Salem, Ore.; Carlisle, Pa.; and Wichita Falls, Tex.; four distribution and fabrication facilities located across Canada; and an R&D center Pittsburgh, Pa.
- After the completion of the Vitro sale, along with its deal to sell its European fiberglass business, ~98% of PPG’s business will be focused on paint, coatings and specialty materials.
- Also, Charles Bunch will retire as executive chairman on Sept. 1, and CEO Michael McGarry will become Chairman and CEO.