PPG, Platinum Settle Dispute Over $500M Glass Unit Sale
By Kaitlin Ugolik (December 19, 2011, 1:09 PM EST) -- Coatings and chemicals manufacturer PPG Industries Inc. and private equity firm Platinum Equity LLC reached a settlement last week in their dispute over disclosures related to PPG's $500 million sale of its automotive glass division to Platinum in 2007.
The parties filed a stipulation of discontinuance with prejudice Dec. 12. Terms of the settlement in the suit, filed in New York state court, were not immediately available.
Platinum, which recently boosted its industrial manufacturing portfolio with the Dec. 16 purchase of Diversified Machine Inc. from The Carlyle Group LP for an undisclosed amount, had filed suit claiming PPG had withheld key...
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