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People & Business :: Companies

IRS approves favorable tax treatment for PPG commodity spin-off

7:34 AM MST | December 21, 2012 | Robert Westervelt

PPG Industries has received a favorable private letter ruling from the U.S. Internal Revenue Service (IRS) concerning how the planned merger of its commodity chemicals business into Georgia Gulf would be treated for tax purposes. The receipt of the ruling was a closing condition of the transaction. PPG now intends to commence its exchange offer to split off its commodity chemicals business with the closing of merger expected to occur in late January 2013. PPG announced in July that it would separate its commodity chemicals business through a spin-off...

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