Ppg Industries Inc

Buyout firm Platinum Equity says it wants to renegotiate its planned $500-million purchase of PPG Industries Inc.'s automotive glass unit, alleging that the paint maker had misrepresented the health of the business.

PPG Industries Inc. agreed to sell its auto-glass businesses to Beverly Hills-based private equity firm Platinum Equity for about $500 million. The deal will add to Platinum's stable of more than 20 companies. In July, Platinum bought Chicago-based steel distributor Ryerson Inc. for about $1 billion.

PPG Industries Inc. agreed to sell its auto-glass businesses to Beverly Hills-based private equity firm Platinum Equity for about $500 million. The deal will add to Platinum's stable of more than 20 companies. In July, Platinum bought Chicago-based steel distributor Ryerson Inc. for about $1 billion.

A chemical maker has agreed to clean up homes and businesses contaminated with chromium waste. PPG Industries Inc. of Pittsburgh also consented to pay a $2.5-million fine and $900,000 for administrative costs. "The state is satisfied with this agreement," said John Hagerty, a spokesman for the New Jersey Department of Environmental Protection. "Certainly it will go a long way toward revitalizing Jersey City."

PPG Industries Inc., a Pittsburgh glass and resin maker, said Thursday that its annual profit plummeted 21% as it took a $44.2-million charge because of a pending sale of its biomedical division to Irvine-based Enhanced Imaging Technologies Inc. PPG announced last month that it was selling its biomedical systems division to Enhanced Imaging for $55 million. That deal is expected to be completed by the second quarter.

More than 60 employees of PPG Industries Inc. in Torrance will lose their jobs when the company closes its automotive and industrial coatings plant in the South Bay city later this year, executives said this week. Employees at the 48-year-old facility were told of the decision in June. Executives with the Pittsburgh-based company announced the plant closure earlier this week to comply with state laws, said Fred Bose, plant operations coordinator. The exact date for the closing has not been set.

PPG Industries Inc., the Pittsburgh-based paints and glass group, confirmed it is in talks with British coatings and fibers company Courtaulds, which had accepted a $3.77-billion offer from Dutch chemical company Akzo Nobel three weeks ago. PPG has teamed with investment bank Donaldson, Lufkin & Jenrette in its approach, and said that if the talks lead to a deal, it will retain the coatings business and DLJ will acquire the remaining businesses.

Enhanced Imaging Technologies Inc. on Wednesday said it has completed a $22-million takeover of a biomedical division of a Pittsburgh, Pa., conglomerate. The deal with PPG Industries Inc. is expected to boost Enhanced Imaging's annual revenue to $175 million, a threefold increase from its current sales of $50 million.

Buyout firm Platinum Equity says it wants to renegotiate its planned $500-million purchase of PPG Industries Inc.'s automotive glass unit, alleging that the paint maker had misrepresented the health of the business.

A Laguna Hills body shop has filed a lawsuit against DuPont Co., PPG Industries Inc. and three other paint makers that are under federal investigation for alleged price fixing. Autobody by Caldwell Inc. did not make any specific allegations in its suit, which was filed Tuesday. Relying on published reports about the federal probe, the suit alleged that the five paint companies have conspired since January 1996 to fix prices and restrain trade in the automotive refinishing industry.

More than 60 employees of PPG Industries Inc. in Torrance will lose their jobs when the company closes its automotive and industrial coatings plant in the South Bay city later this year, executives said this week. Employees at the 48-year-old facility were told of the decision in June. Executives with the Pittsburgh-based company announced the plant closure earlier this week to comply with state laws, said Fred Bose, plant operations coordinator. The exact date for the closing has not been set.

PPG Industries Inc., the Pittsburgh-based paints and glass group, confirmed it is in talks with British coatings and fibers company Courtaulds, which had accepted a $3.77-billion offer from Dutch chemical company Akzo Nobel three weeks ago. PPG has teamed with investment bank Donaldson, Lufkin & Jenrette in its approach, and said that if the talks lead to a deal, it will retain the coatings business and DLJ will acquire the remaining businesses.

Enhanced Imaging Technologies Inc. on Wednesday said it has completed a $22-million takeover of a biomedical division of a Pittsburgh, Pa., conglomerate. The deal with PPG Industries Inc. is expected to boost Enhanced Imaging's annual revenue to $175 million, a threefold increase from its current sales of $50 million.

PPG Industries Inc., a Pittsburgh glass and resin maker, said Thursday that its annual profit plummeted 21% as it took a $44.2-million charge because of a pending sale of its biomedical division to Irvine-based Enhanced Imaging Technologies Inc. PPG announced last month that it was selling its biomedical systems division to Enhanced Imaging for $55 million. That deal is expected to be completed by the second quarter.

Enhanced Imaging Technologies Inc. has agreed to buy most of the biomedical systems division of PPG Industries Inc. The deal would increase the Orange County company's payroll nearly fivefold, quadruple its sales and could result in the shuffling of employees among facilities in Southern California and Kentucky. Enhanced Imaging has agreed to pay a total of $55 million in cash, a note and some stock in one of its subsidiaries.

A Laguna Hills body shop has filed a lawsuit against DuPont Co., PPG Industries Inc. and three other paint makers that are under federal investigation for alleged price fixing. Autobody by Caldwell Inc. did not make any specific allegations in its suit, which was filed Tuesday. Relying on published reports about the federal probe, the suit alleged that the five paint companies have conspired since January 1996 to fix prices and restrain trade in the automotive refinishing industry.

Enhanced Imaging Technologies Inc. has agreed to buy most of the biomedical systems division of PPG Industries Inc. The deal would increase the Orange County company's payroll nearly fivefold, quadruple its sales and could result in the shuffling of employees among facilities in Southern California and Kentucky. Enhanced Imaging has agreed to pay a total of $55 million in cash, a note and some stock in one of its subsidiaries.

A chemical maker has agreed to clean up homes and businesses contaminated with chromium waste. PPG Industries Inc. of Pittsburgh also consented to pay a $2.5-million fine and $900,000 for administrative costs. "The state is satisfied with this agreement," said John Hagerty, a spokesman for the New Jersey Department of Environmental Protection. "Certainly it will go a long way toward revitalizing Jersey City."

PPG Industries said its Chemicals Group will form a joint venture with a French firm to manufacture and market special contact lenses, forming a new company that will be headquartered in St. Petersburg, Fla. PPG and Essilor International of France have reached an agreement in principle to make ophthalmic-quality lenses for consumer eye wear. PPG would hold 51% of the new company, officials said. The deal is subject to approval by boards of directors of both companies.