Issue Date: July 14, 2008
Kohlberg Will get PPG Auto Glass
PPG Industries has signed an agreement to sell a majority interest in its auto glass business to private equity firm Kohlberg & Co. for $330 million. PPG says it will retain a 40% share in the business. In September 2007, the Pittsburgh glassmaker had arranged to sell the whole business to private equity firm Platinum Equity for $500 million, but the deal fell through. PPG CEO Charles Bunch says the sale will enable his company to focus on coatings and specialty products. Last year, PPG bought coatings maker SigmaKalon for more than $3 billion.
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