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Pittsburgh, PA, United States, 2012/06/26 - PPG Industries announced today that it has signed a memorandum of understanding with Henan Billions Chemicals Co., Ltd (Billions) (NYSE: PPG) - PPG.com. NYSE: PPG
PPG Industries (NYSE: PPG) announced today that it has signed a memorandum of understanding with Henan Billions Chemicals Co., Ltd. (Billions), by which PPG will license certain chloride-based technologies to Billions for use at Billions’ titanium dioxide (TiO2) refinement facilities in China. In addition, PPG has signed a long-term purchase agreement for titanium dioxide with Billions. Commercial terms of the agreements and license proceeds from Billions to PPG were not disclosed.
PPG intends to use the chloride-based TiO2 manufactured by Billions for various end-use applications, including paints and other coatings. The TiO2 also would be available for sale to third parties.
“This agreement with Billions provides further evidence of PPG’s commitment to utilize our existing expertise to expand and secure additional global supply of titanium dioxide,” said Charles F. Kahle II, PPG chief technology officer and vice president, coatings research and development.
PPG previously manufactured titanium dioxide using the chloride process at its chemicals facility in Natrium, W.Va., and sold titanium dioxide pigment for coatings and other end-use applications. Titanium dioxide is a raw material widely used in the paint and coatings industry as a pigment to provide hiding, durability and whiteness characteristics.
About Henan Billions Chemicals
China-based Henan Billions Chemicals Co., Ltd., produces and sells titanium dioxide, zirconium and aluminum sulfate. The company is located in Jiaozuo City, Henan Province, and had 2011 sales of about $300 million. Its shares are traded on the Shenzhen stock exchange.
PPG: BRINGING INNOVATION TO THE SURFACE™
PPG Industries' vision is to continue to be the world’s leading coatings and specialty products company. Through leadership in innovation, sustainability and color, PPG helps customers in industrial, transportation, consumer products, and construction markets and aftermarkets to enhance more surfaces in more ways than does any other company. Founded in 1883, PPG (ppg.com) has global headquarters in Pittsburgh and operates in more than 60 countries around the world. Sales in 2011 were $14.9 billion. PPG shares are traded on the New York Stock Exchange (symbol: PPG).
Statements in this news release relating to matters that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 reflecting the company’s current view with respect to future events or objectives and financial or operational performance or results. The forward-looking statements contained herein include statements relating to the expected benefits of the collaboration with Billions. Actual events may differ materially from current expectations and are subject to a number of risks and uncertainties, including the failure to produce a viable titanium dioxide product, the failure to achieve the other expected benefits of the collaboration with Billions, and the other risks and uncertainties discussed in PPG Industries’ periodic reports on Form 10-K and Form 10-Q and its current reports on Form 8-K filed with the Securities and Exchange Commission. Forward-looking statements speak only as of the date of their initial issuance, and PPG Industries does not undertake any obligation to update or revise publicly any forward-looking statement, whether as a result of new information, future events or otherwise.
Bringing innovation to the surface is a trademark of PPG Industries Ohio, Inc.
Vince Morales, PPG Investor Relations
P: 412-434-3740 - E: vmorales[.]ppg.com.