PPG's flat glass business includes approximately 1,200 employees. The business manufactures glass that is fabricated into products used primarily in commercial and residential construction. "This transaction represents the end of an era for PPG as a manufacturer of flat glass, and it is another major step in our portfolio transformation to focus on paints, coatings and specialty materials," said Michael H. McGarry, PPG president and chief executive officer. "Upon completion of this transaction, the flat glass operations will become part of a company that is focused on growing its core glass business." PPG will receive approximately $750 million in gross cash proceeds. Upon completion of this transaction and PPG's recently announced transaction to divest its European fiber glass operations, approximately 98 percent of PPG's business portfolio will be focused on paints, coatings and specialty materials.