for the next decade.
“This transaction shows how
BDA’s focus on cross-border
Terms of the transaction were not
disclosed.
PPG Receives Favorable IRS
Private Letter Ruling
PPG Industries recently announced that it
has received a favorable private letter ruling from the U.S. Internal Revenue Service
regarding the previously announced separation of its commodity chemicals business and subsequent merger of a newly
formed company owning the commodity
chemicals business (“Splitco”) with a subsidiary of Georgia Gulf Corporation. The
receipt of the ruling is a closing condition
of the transaction with Georgia Gulf and
an important milestone in the completion
of the transaction. As a result, PPG now
intends to commence its exchange offer
to split off its commodity chemicals business in the near term with the closing of
the exchange offer and merger expected
to occur in late January 2013. The terms
of the exchange offer will be released
upon commencement of the offer.
On July 19, 2012, PPG announced
that it would form a new company by
separating its commodity chemicals busi-
ness through a spinoff or split-off, and
then immediately merging the business
with Georgia Gulf or a Georgia Gulf
subsidiary in a Reverse Morris Trust
transaction. Immediately following the
merger, Splitco shareholders will own
approximately 50. 5 percent of Georgia
Gulf, with existing Georgia Gulf share-
holders owning approximately 49. 5 per-
cent of Georgia Gulf.
Vitex Receives Three
Environmental Awards
With the motto “Vitex gives color to
Sustainability” the leading Greek decorative paints producer has presented itself
to the environmental protection community and received three relevant awards.
During the contest organized by
PASEPPE (PanHellenic Association of
Environmental Protection Companies)
which is the Greek section of the EBAE
(European Business Awards for the
Environment ) Vitex received two awards:
the 1st prize in the Products category for
its Vitex Climate neutral Ecological paint
and the 3rd prize in the Management
category for its Strategy for Sustainable
paint production.
During the contest organized by “Plant
Management” magazine, Vitex received
“The Green Product” award for the Vitex
Climate Neutral Ecological Paint.
Moreover, Vitex organized in collaboration with ZEB S.A. the first LEED
seminar for Sustainable buildings that
has ever been held in Greece. This event
has been held at no cost for the participants, who are the top architects,
designers, developers and building constructors and has served as a platform
to promote Sustainable Building values
in the local market.
The three events took place in
December 2012.
DuPont Performance
Coaitngs Launches General
Motor Sponsored Parts
Rebate Program
DuPont Performance Coatings (DPC)
has launched the General Motors (GM)
sponsored Parts Rebate Program for
2013. GM has partnered with DPC to
offer the parts rebate to the DPC network
of collision shops. The process is simple -
when shops choose 100 percent Genuine
GM Parts for selected repairs electronically through CollisionLink and are registered with PerformanceGateway, they are
rewarded with a rebate.
“DuPont Performance Coatings is
proud to offer this program to our shops.
It will bring additional profitability to
the shops, assist them in reducing cycle
time, increase the quality of repair and
reduce administration workload,” said
Gary Scott, program manager, OEM collision services.
Shops who register with
PerformanceGateway and CollisionLink
and participate in the program will receive a rebate when parts are electronically processed through CollisionLink
(OEConnection) and repairs are completed using qualified 100 percent GM
collision repair parts. Part rebates are
deposited automatically into the shops
designated bank account quarterly. Shops
may enroll in the program anytime during the year. Shope may participate in one
GM-sponsored body shop rebate program in a given year. CW
14 | Coatings World
www.coatingsworld.com
January 2013
