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Article Excerpt
PITTSBURGH -- PPG Industries (NYSE:PPG) was notified that affiliates of Platinum Equity, Beverly Hills, Calif., intend to terminate, after December 31, 2007, their contract under which they agreed to purchase PPG's automotive original equipment manufacture (OEM) glass and automotive replacement (ARG) glass and services businesses. In addition, PPG confirmed that Platinum's affiliates filed suit in the Supreme Court of the State of New York, County of New York, alleging that the Platinum group is not obligated to consummate the agreement. While PPG does not comment on the specifics of litigation, the company...
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