(Daily Finance) -- Georgia Gulf Corporation has recently announced that a favorable private letter ruling has been received by PPG Industries from the U.S.
Internal Revenue Service with respect to the previously announced separation of PPG's commodity chemicals business and subsequent merger of a newly formed company with a subsidiary of Georgia Gulf Corporation. The receipt of the ruling is a closing condition and an important milestone in moving towards completion of the transaction.
As previously disclosed, the Georgia Gulf Board of Directors has called a special meeting to be held on January 10, 2013, for shareholders to approve the issuance of Georgia Gulf shares in the proposed merger with PPG's commodity chemicals business. If approved by Georgia Gulf's shareholders at the special meeting, the merger is expected to close in late January 2013.
The Georgia Gulf Corporation has historically been a major manufacturer and marketer of chlorovinyls (caustic soda, chlorine, VCM, EDC, PVC resins, PVC rigid and flexible compounds) and aromatics (acetone, cumene, phenol). With the acquisition of Royal Group Technologies the company is now also a major producer of building materials ranging from piping and siding to window profiles, decking, and fencing.
PPG Industries Inc. is an Americain international company that produces paints, chemicals, optical components, specialty materials, glass and fiber glass. The company consists of more than 150 production units and offices in more than 60 countries. PPG industries is in the list of the top 500 U.S. corporations in terms of sales of. As MRC reported previously, PPG Industries plans to open its first factory in Russia near Tver. As of today, PPG Industries has no production facilities in Russia.
MRC