Pittsburgh Glass Works officially launches business operations
PITTSBURGH, OCTOBER 2, 2008
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.
About Pittsburgh Glass Works
Pittsburgh Glass Works (PGW) supplies automotive OEM windshields, rear and side windows, sunroofs and assemblies for auto and truck manufacturers, and it supplies and distributes replacement automotive glass products for use in the aftermarket. It also provides insurance claims services through its LYNX Services subsidiary, glass management software and internet marketing services through its GTS subsidiary, and e-business solutions through its GLAXIS offering.
Automotive glass products are manufactured and fabricated in nine North American plants located in Berea, Ky.; Creighton, Meadville and Tipton, Pa.; Crestline Ohio; Evansville, Ind.; Evart, Mich.; and Hawkesbury and Oshawa, Ont., Canada. In addition, nine satellite parts assembly plants are located throughout North America, and two LYNX Services claims management call centers in Ft. Myers, Fla. and Paducah, Ky. Combined, the businesses employ approximately 4,400 people.
For more information, visit
www.pgwglass.comAbout Kohlberg & Co., LLC
Kohlberg & Company, LLC is a leading U.S. private equity firm which acquires "middle market" companies. Since 1987, the firm has organized six private equity funds, through which it has raised $3.7