PPG Industries is to sell its automotive original equipment manufacture (OEM) glass and automotive replacement glass (ARG) and services businesses to Platinum Equity of Beverly Hills, California for approximately USD 500 million before minority interest. The transaction is expected to result in a slight book gain upon closing and charges to income totaling USD 0.20 to USD 0.25 per share to be recorded over the next few quarters. Under the terms of the deal, an affiliate of Platinum Equity will acquire the assets of the businesses. Completion of the transaction is expected in the 4Q 2007 and is subject to customary closing conditions, including receipt of required regulatory approvals. "This transaction is a significant milestone in PPG"s continued transformation to focus on coatings and specialty products, and it will significantly reduce PPG"s exposure to the US automotive market", said Charles E. Bunch, PPG chairman and chief executive officer.