PPG, in connection with LKQ Corporation’s announcement of its definitive agreement to purchase Pittsburgh Glass Works (PGW), said it will divest its approximately 40% interest in PGW.
LKQ announced that it expects the transaction to close in the second quarter 2016, subject to customary closing conditions.
"PGW's sale concludes PPG's longstanding involvement in the automotive glass industry, as we continue to sharpen our focus on building a growing market position in paint, coatings and specialty materials," said Michael McGarry, PPG president and chief executive officer.
PPG has held a minority interest in PGW since 2008, when it completed the sale of its automotive glass and services business to PGW, which was controlled by Mount Kisco, N.Y.-based Kohlberg & Company, LLC.
