PPG( NYSE PPG), a global leader in maquillages, coatings, and specialty accouterments, moment announced that it has engaged Morgan Stanley &Co. LLC as financial counsel to help in a review of strategic druthers for its silica products business.PPG’s silica products business, which operates within the company’s specialty coatings and accouterments strategic business unit, manufactures and supplies rained silica products to major manufacturers around the world as performance-enhancing complements. In 2023, the silica products business represented between 1- 2 of PPG’s total net deals. PPG Chairman and Chief Executive Officer, Tim Knavish, said, “ We are exploring strategic druthers for our silica products business to maximize its value for our shareholders and to ensure its continued success.
The business has a well-established position in a growing request, proven invention, leading particular products, and devoted and talented workers. Throughout our long history in silicas, our workers have constantly led the business forward, partnering with our guests to meet their evolving conditions. still, given the business’s distinct product portfolio, customer base, and operating characteristics, we believe that it may be more suited to operate as a core business within another company or as a standalone reality. Throughout this process, we will continue to fully support the business and we remain wedded to furnishing our silicas guests with high-quality products and services.
As we have done constantly, we will continue our ongoing strategic assessment of all our businesses, icing each business continually delivers increased value for our guests and shareholders, and fits the growth and investment strategies for the company, ” said Knavish. PPG expects to complete the review of strategic druthers by mid-2024. There is no assurance that the review will affect in any trade or other outgrowth. PPG does not intend to expose developments or give updates on the progress or status of the review unless and until it deems further exposure is applicable or demanded. The silica products business is led by about 350 workers and manufactures products through devoted installations in Lake Charles, Louisiana, and Delfzijl, The Netherlands. In addition, there is small batch processing at a portion of a PPG installation in Barberton, Ohio, and part of a PPG installation in Monroeville, Pennsylvania that includes a laboratory, birdman plant, and the leadership and superintendent team services for the business. pivotal end-uses include tire, artificial, and silicone rubber operations; microporous paddings for battery partitions; free-flux and carrier agents for food, beast feed, and agricultural and artificial chemicals; and flatting, thickening, and anti-corrosion complements for maquillages and coatings. PPG has been a settler in the development and manufacturing of silicas since the 1930s. PPG has established one of the sedulity’s broadest and most trusted portfolios of rained silica products.
This includes the well-known PPG HI- SIL ® line, and the more recent line of PPG AGILON ® performance silica products, which is an advanced technology that enables artificial rubber and tire makers to enhance rubber performance, simplify their manufacturing processes, and promote a healthier terrain. That heritage of leadership and invention continues moment and is driven forward by collaborative connections with guests in numerous industries, including multitudinous alliances that have thrived for decades.
