Platinum Equity terminates PPG auto glass agreement
Beverly Hills, Calif.-based Platinum Equity notified Pittsburgh-based PPG Industries of its intention to terminate its contract to purchase PPG’s automotive glass and services businesses as of Dec 31, 2007.
PPG said that Platinum Equity also filed suit with the Supreme Court of the State of New York, alleging the Platinum group is not obliged to consummate the agreement.
While the company did not comment on the specifics of the litigation, PPG said it intends to enforce its rights under the agreement with Platinum Equity.
PPG said that in the event the transaction does not close with the Platinum group, it would continue to explore other strategic alternatives for the automotive and services businesses with the goal of maximizing shareholder value.
PPG is a global supplier of paints, coatings, chemicals, optical products, specialty materials, glass and fiberglass.
Founder of ABC Supply dies in accident at home
Ken Hendricks, founder, chairman and CEO of ABC Supply, passed away in the early morning hours of Dec. 21 after falling from a construction site at his home. Hendricks was 66 years old.
The cause of death was a massive head injury. Hendricks died in surgery following the accident on Thursday evening.
Hendricks started his career as a roofer and went on to found the industry’s largest distributor of roofing materials, with 390 locations in 46 states. Headquartered in Beloit, Wis., ABC Supply also distributes siding, windows and other exterior building materials. The company ranked fifth on HCN’s Top 350 Pro Dealer scoreboard in 2007.
St.-Gobain targets Denmark, Estonia
St.-Gobain, one of the largest global distributors of building materials, has announced its plans to acquire the building materials division of DLH Group of Denmark. Reuters reported the purchase price as $115.5 million.
The acquisition, subject to regulatory approval, would bring St.-Gobain 18 outlets and a logistics center in Denmark, where DLH is the third largest player in the building materials industry.
St.-Gobain is also in exclusive talks with Famar Desi, the leading building materials distributor in Estonia. Famar Desi’s network includes 16 locations, including two in Latvia. Also subject to regulatory approval, the deal would establish St.-Gobain’s first building materials operations in those countries.
St.-Gobain’s building materials distribution network includes more than 4,000 outlets in 24 countries.