Pittsburgh-based PPG Industries is merging its commodity chemicals business in a deal with Georgia Gulf worth about $2 billion.
According to Jeremy Neuhart of PPG, there are no announced job losses as part of the agreement. The total value is about $2.1 billion if debt is included.
PPG shareholders get $1 billion in Georgia Gulf Corp. stock, while PPG will receive $900 million in cash.
Under the deal's terms announced Thursday, PPG Industries Inc. will spin off or split the unit into a separate business before handing it over.