PPG divests stake in Pittsburgh Glass Works

摘要

PPG says it is selling it 40% stake in Pittsburgh Glass Works (PGW), exiting the automotive glass industry. Full ownership of PGW will be acquired by LKQ Corporation in a deal that is expected to close in the second quarter of this year. A majority stake in PGW is owned by private equity firm Kohlberg and Company (Mt. Kisco, NY). LKQ is paying $635 million for PGW, making PPG’s stake worth $254 million.