PPG Industries Inc. (PPG: Quote) agreed Thursday to spin-off its commodity chemicals business to Georgia Gulf Corp. (GGC: Quote) for $2.1 billion in a cash and stock deal.
PPG Industries also reported second quarter adjusted EPS of $2.36 this morning, which fell short of the consensus estimate of $2.37.
PPG Industries gapped open sharply higher Thursday and rose further in the final hour of trade. The stock closed up by 7.77 at $111.96 on the highest volume in over 3 months and broke out to a new high for the year.
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by RTT Staff Writer
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