Private equity firm Platinum Equity has informed PPG Ind that it wants to terminate the agreement to acquire the Pittsburgh firm's automotive glass business. PPG said Platinum's affiliates have filed suit in NY state court, claiming Platinum is not obligated to go through with the deal, which was made public Sept/07. PPG intends to "vigorously enforce its rights under its agreement with the Platinum group," the company said in a statement. PPG also said that in the event the transaction does not close with the Platinum group it will continue to explore divestiture, restructuring and other strategic alternatives for the automotive glass and services businesses with the goal of maximising shareholder value. The automotive original equipment glass business unit supplies windshields, rear & side windows, sunroofs & assemblies for auto & truck manufacturers.
