PPG is breaking from its roots as a plate glass producer, and in future will concentrate solely on its paint and coatings business.
The company that began as the Pittsburgh Plate Glass Co. (hence the initials in the name) is selling the glass operations to Vitro S.A.B. de C.V., Mexico’s largest plate glass producer, for a reported US $750-million.
“This transaction represents the end of an historic era for PPG as a manufacturer of flat glass, and it is another major step in our portfolio transformation to focus on paints, coatings and specialty materials,” said Michael H. McGarry, PPG president and chief executive officer. “Upon completion of this transaction, the flat glass operations will become part of a company that is focused on growing its core glass business.”
Founded in 1883, PPG operated the first successful plate glass factory in the US. Today, its flat glass business has approximately 1,200 employees and primarily produces glass products for commercial and residential construction. It has four manufacturing plants in the US, and four distribution and fabrication facilities across Canada. The deal, subject to customary closing conditions, is expected to close by the end of 2016.