PPG Reaches $2.7-Billion Settlement
Chemical and paint maker PPG Industries Inc. said it reached a $2.7-billion settlement for all asbestos-related personal injury claims against it and Pittsburgh Corning Corp.
PPG also expects to take an after-tax charge of $500 million to cover the associated costs.
The settlement will be paid by Pittsburgh-based PPG and more than three dozen of its insurers over a 21-year period once the deal is completed, which probably will take more than a year. The settlement is subject to court approval.
The charge, which PPG would record only at that time, reflects the current value of cash payments over the 21-year period and 1.4 million shares of PPG stock. The settlement will be part of the reorganization plan for bankrupt Pittsburgh Corning, in which PPG has a 50% stake.
The settlement was announced after the close of trading. Shares of PPG closed at $57.10 on the New York Stock Exchange, up $1.30, or 2.3%.
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