PPG Completes Divestiture of Fine Chemicals Business
Friday November 30, 9:11 am ET
Italian Company Purchases Pharmaceutical Intermediates Business
PITTSBURGH--(BUSINESS WIRE)--PPG Industries today completed the sale of its fine chemicals business to ZaCh System S.p.A., the fine chemicals subsidiary of Zambon Company S.p.A., Milan, Italy, for approximately $65 million.
“This transaction is an important element in PPG’s strategy to focus its efforts on continuing to be a leader in coatings and specialty products and services,” said Charles E. Bunch, PPG chairman and chief executive officer.
PPG facilities included in the agreement are a fine chemicals plant in LaPorte, Texas, and the PPG-Sipsy facility in Avrillé, France. The fine chemicals plant in LaPorte operates separately from an adjacent phosgene derivatives facility, which is being retained by PPG. The fine chemicals business employs approximately 360 people.
About ZaCh System S.p.A. and Zambon Company S.p.A.
Milan-based ZaCh System S.p.A., with manufacturing in Lonigo (Vicenza), is the fine chemicals subsidiary of Zambon Company S.p.A. Zambon Company is a leading pharmaceutical and chemical multinational with a reputation for inventive and innovative thinking, flexibility and customer focus. Operating directly on three continents – Europe, South America and Asia – with more than 2,300 employees in 16 countries and consolidated sales of €480m, Zambon is a multicultural group with close links to its local markets and the international research community. These strengths, combined with diversified research, product and distribution-channel strategies, ensure that the Zambon Company consistently outperforms its competitors and the market. Founded in Vicenza in 1906, the company values its track record of having initiated trends on the leading edge of the industry and is proud of the rich portfolio of products with which it improves the quality of life of thousands of people worldwide. Zambon’s leading brand names are Flumicil®, Monuril® and Spedifen®.
Pittsburgh-based PPG is a global supplier of paints, coatings, chemicals, optical products, specialty materials, glass and fiber glass. The company employs more than 34,000 people and has 125 manufacturing facilities and equity affiliates in more than 25 countries.
Source: PPG Industries
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