Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of Georgia Gulf (NYSE: GGC) jumped as much as 18% today after it was announced the company would merge with a division of PPG Industries (NYSE: PPG).

So what: PPG is spinning off its commodity chemicals business, which will then merge with Georgia Gulf. The company will pay $900 million in cash to PPG, assume $95 million in debt, have $87 million in minority interest, and give shareholders $1.0 billion in Georgia Gulf shares. Both companies have risen on news of the merger.

Now what: The companies say there are $115 million in synergies in the first two years of this complimentary acquisition. The combined company will have about $5 billion in revenue and a stronger strategic position. Mergers rarely save the money, but for now investors are cheering the deal. I'm a little concerned about the debt Georgia Gulf will need to take on and for now I'd prefer to wait for a pullback to jump into shares.

Interested in more info on Georgia Gulf? Add it to your watchlist by clicking here.

Fool contributor Travis Hoium does not have a position in any company mentioned. You can follow Travis on Twitter at @FlushDrawFool, check out his personal stock holdings or follow his CAPS picks at TMFFlushDraw.

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