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.


Fool contributor Dan Carroll has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.