Georgia Gulf to change name to Axiall Corp.
Georgia Gulf will be named Axiall after completion of transaction with PPG unit
ATLANTA (AP) -- Georgia Gulf Corp. said Monday that it will change its name to Axiall Corp. after a pending transaction with PPG Industries Inc. is complete.
The companies announced in July that it PPG would sell its commodity chemical business to Georgia Gulf in a deal worth about $2 billion. The total value is about $2.1 billion if debt is included.
Under the terms of the deal, PPG Industries Inc. will spin off or split the unit into a separate business before handing it over to Georgia Gulf. PPG shareholders get $1 billion in Georgia Gulf stock, while PPG will receive $900 million in cash.
Georgia Gulf said the new name represents a clear break from the legacy names of the two businesses and gives it the flexibility to enter new markets in the future. The company will trade on the New York Stock Exchange under the ticker symbol "AXLL."
The deal is expected to be complete early this year.
Georgia Gulf is a chemical manufacturer based in Atlanta. Its shares rose 21 cents to $50.19 in early afternoon trading in line with the broader market.
