Chemicals firm PPG Industries (NYSE: PPG ) has completed a sale of its commodity chemicals business to Georgia Gulf Corp., forming a new corporation in the process. The deal is valued at $2.5 billion.
The new company -- a combination of PPG's division and Georgia Gulf -- has been named Axiall Corp. and has begun trading on the New York Stock Exchange under the ticker "AXLL"; Georgia Gulf's old ticker, GGC, has been retired. The unit PPG sold produces a number of chemicals, including chlorine for agricultural purposes and water treatment, among other products.
PPG reportedly pulled in $900 million in cash in the deal, with the remaining $1.6 billion received in stock by company shareholders.