PPG unloads auto glass operations for $330 million

More than a year after announcing its intent to sell off its automotive OEM glass and replacement glass services business, PPG Industries of Pittsburgh signed a sale agreement July 8 with private equity firm Kohlberg & Co. LLC, Mount Kisco, N.Y. Under the agreement, PPG will sell the auto glass business to a new company formed by Kohlberg in exchange for $330 million and a 40 percent minority ownership stake in the new company, according t to a PPG release the same day.