January 17, 2024

PPG has engaged Morgan Stanley & Co. LLC as a financial advisor to assist in a review of strategic alternatives for its silica products business.

PPG’s silica products business, which operates within the company’s specialty coatings and materials strategic business unit, manufactures, and supplies precipitated silica products to major manufacturers around the world as performance-enhancing additives. In 2023, the silica products business represented between one and two per cent of PPG’s total net sales.

“We are exploring strategic alternatives for our silica products business to maximise its value for our shareholders and to ensure its continued success. The business has a well-established position in a growing market, proven innovation, leading proprietary products, and dedicated and talented employees,” Tim Knavish, PPG chairman and CEO. “Throughout our long history in silicas, our employees have consistently led the business forward, partnering with our customers to meet their evolving needs. However, 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. Throughout this process, we will continue to fully support the business and we remain committed to providing our silicas customers with high-quality products and services.”

PPG expects to complete the review of strategic alternatives by mid-2024. There is no assurance that the review will result in any transaction or other outcome. PPG does not intend to disclose developments or provide updates on the progress or status of the review unless and until it deems further disclosure is appropriate or required.