PITTSBURGH--(BUSINESS WIRE)--Oct. 13, 2014--
PPG Industries (NYSE:PPG) today announced that it has received notice
from Mexico’s Federal Economic Competition Commission that it is
extending the review timeline of PPG’s previously announced agreement to
acquire Consorcio Comex, S.A. de C.V. (“Comex”). Without this extension,
the competition commission would have been required to rule on the
regulatory filing within the coming days.
PPG announced June 30 that it had reached a definitive agreement to
acquire Comex in a transaction valued at $2.3 billion. PPG indicated
then it expected a 4- to 6-month regulatory review timeline. This
original projection anticipated an extension by the Commission, given
the magnitude of the transaction. PPG continues to anticipate the
transaction will close in the fourth quarter, within the original
timeline.
PPG: BRINGING INNOVATION TO THE SURFACE.™
PPG Industries' vision is to continue to be the world’s leading coatings
and specialty materials company. Through leadership in innovation,
sustainability and color, PPG helps customers in industrial,
transportation, consumer products, and construction markets and
aftermarkets to enhance more surfaces in more ways than does any other
company. Founded in 1883, PPG has global headquarters in Pittsburgh and
operates in nearly 70 countries around the world. Reported net sales in
2013 were $15.1 billion. PPG shares are traded on the New York Stock
Exchange (symbol: PPG). For more information, visit www.ppg.com
and follow @PPGIndustries
on Twitter.
Forward-Looking Statements
Statements in this news release relating to matters that are not
historical facts are forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995 reflecting the
company’s current view with respect to future events or objectives and
financial or operational performance or results. The forward-looking
statements contained herein include statements relating to the timing of
the closing of PPG’s acquisition of Consorcio Comex. Actual events may
differ materially from current expectations and are subject to a number
of risks and uncertainties, including changes in the timing of the
transaction or the failure to close the transaction, the expected
benefits to PPG of the transaction and the other risks and uncertainties
discussed in PPG Industries’ periodic reports on Form 10-K and Form
10-Q, and its current reports on Form 8-K filed with the Securities and
Exchange Commission. Forward-looking statements speak only as of the
date of their initial issuance, and PPG Industries does not undertake
any obligation to update or revise publicly any forward-looking
statement, whether as a result of new information, future events or
otherwise, except as otherwise required by applicable law.
Bringing innovation to the surface is a trademark of PPG
Industries Ohio, Inc.
Source: PPG Industries, Inc.
PPG Industries, Inc.
Media:
Mark Silvey, PPG Corporate
Communications, 412-434-3046
silvey@ppg.com
or
Investors:
Vince
Morales, PPG Investor Relations, 412-434-3740
vmorales@ppg.com