PPG sells fine chemicals unit to ZaCh Systems

Pittsburgh, USA-based PPG Industries, a chemicals, paints and coatings firm, has signed an agreement with ZaCh Systems SpA, the fine chemicals subsidiary of Italy's Zambon, to sell the latter its fine chemicals business for around $65.0 million. The transaction, which is expected to complete later this year, includes a book charge to income of less than $0.15 per share. Further terms of the accord were not provided.

PPG facilities included in the agreement are a pharmaceutical fine chemicals plant in LaPorte, Texas, and the PPG-Sipsy facility in Avrille, France. The drug fine chemicals plant in LaPorte operates separately from PPG's adjacent phosgene derivatives facility, of which PPG will retain operation. The fine chemicals business employs approximately 360 people.

"The acquisition of PPG's fine chemicals business is consistent with Zambon Company's continuing desire to expand its global presence," said Gianni Marini, ZaCh System board chairman. "We are quite pleased to acquire a PPG business that is recognized as a technology leader, with manufacturing locations in Europe and the USA, reinforcing our custom synthesis business strategy and the value of Zambon research competence," he added.