UPDATE 1-PPG explores strategic alternatives for silica business
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Jan 9 (Reuters) - Paints and coatings maker PPG Industries said on Tuesday it is reviewing strategic alternatives for its silica products business.
The company's silica business manufactures and supplies precipitated silica products and represented between 1% and 2% of PPG's total net sales in 2023.
"Given the businesses distinct product portfolio, customer base and operating characteristics, we believe that it may be better suited to operate as a core business within another company or as a standalone entity," said PPG CEO Tim Knavish.
The silica business manufactures products through facilities in Lake Charles, Louisiana and Delfzijl, the Netherlands.
PPG said it expects to complete the review of strategic alternatives by mid-2024, but there is no assurance that the review will result in any transaction or other outcome. (Reporting by Tanay Dhumal in Bengaluru; Editing by Shilpi Majumdar)
