Pittsburgh Glass Works officially launches business operations
Oct. 17, 2008, Pittsburgh – With
the completion of the sale of PPG Industries’ automotive
glass and services business, Pittsburgh Glass Works officially launched
business operations, yesterday, October 1, 2008.
Oct. 17, 2008, Pittsburgh – With the completion of the sale of PPG Industries’ (NYSE:PPG) automotive glass and services business, Pittsburgh Glass Works officially launched business operations, yesterday, October 1, 2008. Affiliates of Kohlberg & Company will own 60 percent and PPG will retain approximately 40 percent of equity share in Pittsburgh Glass Works.
James Wiggins, an Operating Partner of Kohlberg & Co. has been named Chairman and CEO of PGW. Frank Archinaco, formerly President and CEO of the business under PPG, will continue for a transitory period as Senior Vice President of Strategy and Planning.
“Our first order of business will be to capitalize upon the synergies and market opportunities that are available to us as a broad-based, independent organization,” said Wiggins.
“We want to expand upon the leadership position these businesses hold in the automotive glass and services industry,” adds Wiggins. “As with other Kohlberg business acquisitions, our approach will be aggressive, yet smart. We purchased this business from PPG because of its leading position in the markets it serves and we believe in its continued success. To ensure that future, we’re willing to invest in the right areas of the business to accomplish that objective.”
Pittsburgh Glass Works plans to secure office space in the Pittsburgh area for its headquarters.