Coatings Co. PPG Stiffed Unit Buyer On Disclosures: Judge

Law360, New York (November 29, 2011, 1:45 PM EST) -- A New York state judge ruled Friday that coatings and chemicals manufacturer PPG Industries Inc. improperly held back key facts when it sold its automotive glass division to private equity firm Platinum Equity LLC for $500 million in 2007.

Judge Shirley Warner Kornreich said that a purchase agreement with Platinum obligated PPG to disclose that one of the division's biggest customers, Belron SA, was merging with a competitor, Safelite Group Inc., and also that Belron had told PPG it would slash its orders with the auto...
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