PITTSBURGH (AP) — PPG Industries Inc. said Thursday it agreed to sell its automotive equipment and replacement glass and service businesses to a California firm for about $500 million.
The sale to Platinum Equity, a private equity firm in Beverly Hills, Calif., affects about 4,400 employees in the U.S. and Canada.
The deal is expected to result in a gain of 20 cents to 25 cents per share to be recorded over the next few quarters, said PPG, which supplies paints, coatings and chemicals.
The sale will allow PPG to focus on coatings and specialty products and reduce its exposure to the U.S. automotive market, the company said.
The affected employees work at plants and centers in Creighton, Tipton and Meadville in Pennsylvania, as well as Berea, Ky., Crestline, Ohio, Evansville, Ind., Evart, Mich., Fort Myers, Fla., Paducah, Ky., and Hawkesbury and Oshawa, Ontario.