PPG to review strategic alternatives for silica products business
09 Janeiro 2024 - 9:59AM
Business Wire
PPG (NYSE: PPG), a global leader in paints, coatings, and
specialty materials, today announced that it has engaged Morgan
Stanley & Co. LLC as financial advisor to assist in a review of
strategic alternatives for its silica products business.
PPG’s silica products business, which operates within the
company’s specialty coatings and materials strategic business unit,
manufactures and supplies precipitated silica products to major
manufacturers around the world as performance-enhancing additives.
In 2023, the silica products business represented between 1-2% of
PPG’s total net sales.
PPG Chairman and Chief Executive Officer, Tim Knavish, said, “We
are exploring strategic alternatives for our silica products
business to maximize its value for our shareholders and to ensure
its continued success. The business has a well-established position
in a growing market, proven innovation, leading proprietary
products, and dedicated and talented employees. Throughout our long
history in silicas, our employees have consistently led the
business forward, partnering with our customers to meet their
evolving needs. However, given the businesses distinct product
portfolio, customer base and operating characteristics, we believe
that it may be better suited to operate as a core business within
another company or as a standalone entity. Throughout this process,
we will continue to fully support the business and we remain
committed to providing our silicas customers with high-quality
products and services.
“As we have done consistently, we will continue our ongoing
strategic assessment of all our businesses, ensuring each business
continually delivers increased value for our customers and
shareholders, and fits the growth and investment strategies for the
company,” said Knavish.
PPG expects to complete the review of strategic alternatives by
mid-2024. There is no assurance that the review will result in any
transaction or other outcome. PPG does not intend to disclose
developments or provide updates on the progress or status of the
review unless and until it deems further disclosure is appropriate
or required.
The silica products business is led by about 350 employees and
manufactures products through dedicated facilities in Lake Charles,
Louisiana and Delfzijl, The Netherlands. In addition, there is
small batch processing at a portion of a PPG facility in Barberton,
Ohio and part of a PPG facility in Monroeville, Pennsylvania that
includes a laboratory, pilot plant, and the leadership and
administrative team offices for the business. Key end-uses include
tire, industrial and silicone rubber applications; microporous
fillers for battery separators; free-flow and carrier agents for
food, animal feed, and agricultural and industrial chemicals; and
flatting, thickening and anti-corrosion additives for paints and
coatings.
PPG has been a pioneer in the development and manufacturing of
silicas since the 1930s. PPG has established one of the industry’s
broadest and most trusted portfolios of precipitated silica
products. This includes the well-known PPG HI-SIL® line, and the
more recent line of PPG AGILON® performance silica products, which
is a breakthrough technology that enables industrial rubber and
tire makers to enhance rubber performance, simplify their
manufacturing processes, and promote a healthier environment. That
legacy of leadership and innovation continues today and is driven
forward by collaborative relationships with customers in numerous
industries, including many partnerships that have thrived for
decades.
PPG: WE PROTECT AND BEAUTIFY THE WORLD®
At PPG (NYSE:PPG), we work every day to develop and deliver the
paints, coatings and specialty materials that our customers have
trusted for 140 years. Through dedication and creativity, we solve
our customers’ biggest challenges, collaborating closely to find
the right path forward. With headquarters in Pittsburgh, we operate
and innovate in more than 70 countries and reported net sales of
$17.7 billion in 2022. We serve customers in construction, consumer
products, industrial and transportation markets and aftermarkets.
To learn more, visit www.ppg.com.
The PPG Logo, We protect and beautify the world, Hi-Sil, and
Agilon are registered trademarks of PPG Industries Ohio, Inc.
CATEGORY Corporate
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version on businesswire.com: https://www.businesswire.com/news/home/20240104592627/en/
PPG Media Contact: Mark Silvey Corporate Communications
+1-412-434-3046 silvey@ppg.com
PPG Investor Contact: John Bruno Investor Relations
+1-412-434-3466 jbruno@ppg.com investor.ppg.com
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