PPG hires Morgan Stanley as financial advisor for strategic review

Pittsburgh-based PPG recently hired Morgan Stanley & Co. LLC as financial advisor.

Morgan Stanley will be tasked with helping review strategic alternatives for PPG’s silica products business. The review will be completed by mid-year. It will not necessarily result in a transaction or any other outcome. PPG will not disclose updates unless it deems further disclosure is appropriate or required.

PPG’s silica products business operates within the company’s specialty coatings and materials strategic business unit. It manufactures and supplies precipitated silica products as performance-enhancing additives. The company is composed of approximately 350 employees.

It manufactures products in Lake Charles, La., and Delfzijl, The Netherlands, and conducts small batch processing at PPG facilities in Monroeville, Pa., and Barberton, Ohio.

The silica products business represented 1 percent to 2 percent of PPG’s net sales in 2023.

“The business has a well-established position in a growing market, proven innovation, leading proprietary products, and dedicated and talented employees,” Tim Knavish, PPG chairman and CEO, said. “Given the businesses distinct product portfolio, customer base and operating characteristics, we believe that it may be better suited to operate as a core business within another company or as a standalone entity. Throughout this process, we will continue to fully support the business and we remain committed to providing our silicas customers with high-quality products and services.”