On 1st October, PPG Ind completed the divestiture of its automotive glass and services business to a new company formed by funds managed by Kohlberg & Co, LLC, Mount Kisco, New York. the new company is called Pittsburgh Glass Works LLC. PPG received around $270M in net proceeds from the transaction, which included customary closing adjustments. In addition, PPG will hold a minority ownership interest of around 40% in PPG LLC. The automotive glass and services business supplies automotive OEM windshields, rear and side windows, sunroofs and assemblies for auto and truck manufacturers, and it supplies and distributes replacement automotive glass products for use in the aftermarket. The business manufactures and fabricates auto glass products in 9 N American plants.
