PPG Industries-PPG Wraps Up Sale of Silicas Products Business to QEMETICA

Core Viewpoint - PPG Industries Inc. has completed the divestment of its silicas products business to QEMETICA for approximately $310 million in pre-tax proceeds, marking a strategic shift for the company [1][4]. Group 1: Divestment Details - The silicas products division accounted for 1-2% of PPG's overall net sales in 2023, indicating its relatively small contribution to the company's total revenue [2]. - The divestment includes manufacturing plants in Lake Charles, LA, and Delfzijl, the Netherlands, along with leased operations in Barberton, OH, and Monroeville, PA [2]. Group 2: QEMETICA Overview - QEMETICA is a leading European chemical manufacturer with a focus on expanding its global presence through strategic acquisitions and diversifying its portfolio [3]. - The company aims to blend modern business practices with a commitment to long-term development [3]. Group 3: Financial Performance and Outlook - PPG anticipates flat organic sales and adjusted earnings per share at the lower end of the$ 8.15 to $8.30 range for the full year 2024 [6]. - PPG's shares have declined by 8.4% over the past year, slightly better than the industry's decline of 8.5% [5].