PPG Industries is offloading its commodity chemicals business in a deal with Georgia Gulf worth about $2 billion.
The total value is about $2.1 billion if debt is included. PPG shareholders get $1 billion in Georgia Gulf Corp. stock, while PPG will receive $900 million in cash.
Under the deal's terms announced Thursday, PPG Industries Inc. will spin off or split the unit into a separate business before handing it over. PPG shareholders will receive 50.5 percent of the new company's shares.
The deal is expected to close later this year or early next year.
The unit produces chemicals including chlorine for use in agricultural products, water treatment and plastic and paper production, among others.
PPG is based in Pittsburgh; Georgia Gulf is based in Atlanta.