EX-99.2 3 d381829dex992.htm SLIDES PRESENTED TO INDUSTRY ANALYSTS AND INVESTORS Slides presented to industry analysts and investors
Merger of PPG Commodity Chemicals
Business with Georgia Gulf Corporation
Charles E. Bunch
Chairman and CEO
PPG Industries, Inc.
Paul Carrico
President and CEO
Georgia Gulf Corporation
July 19, 2012
Exhibit 99.2


Forward-Looking Statements
FORWARD LOOKING STATEMENTS
ADDITIONAL INFORMATION
PARTICIPANTS  IN THE SOLICITATION
2
This presentation contains certain statements about PPG Industries, Inc., PPG’s commodity chemicals business and Georgia Gulf Corporation that are “forward-looking statements”
within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These matters involve risks and uncertainties as discussed in PPG’s and Georgia Gulf’s periodic
reports on Form 10-K and Form 10-Q, and their current reports on Form 8-K, filed from time to time with the Securities and Exchange Commission (“SEC”). The forward-looking
statements contained in this presentation may include statements about the expected effects on PPG, PPG’s commodity chemicals business and Georgia Gulf of the proposed
separation of PPG’s commodity chemicals business and merger of PPG’s commodity chemicals business with Georgia Gulf or a subsidiary of Georgia Gulf (the “Transaction”), the
anticipated timing and benefits of the Transaction, and PPG’s and Georgia Gulf’s anticipated financial results, and also include all other statements in this presentation that are not
historical facts. Without limitation, any statements preceded or followed by or that include the words “targets”, “plans”, “believes”, “expects”, “intends”, “will”, “likely”, “may”, “anticipates”
“estimates”, “projects”, “should”, “would”, “could”, “positioned”, “strategy”, “future” or words, phrases or terms of similar substance or the negative thereof, are forward-looking
statements. These statements are based on the current expectations of the management of PPG and Georgia Gulf (as the case may be) and are subject to uncertainty and to changes
in circumstances, and involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such forward-looking statements. In addition,
these statements are based on a number of assumptions that are subject to change. Such risks, uncertainties and assumptions include: the satisfaction of the conditions to the
Transaction and other risks related to the completion of the Transaction and actions related thereto; PPG’s and Georgia Gulf’s ability to complete the Transaction on the anticipated
terms and schedule, including the ability to obtain shareholder and regulatory approvals and the anticipated tax treatment of the Transaction and related transactions; risks relating to
any unforeseen liabilities, future capital expenditures, revenues, expenses, earnings, synergies, economic performance, indebtedness, financial condition, losses and future prospects;
business and management strategies and the expansion and growth of Georgia Gulf’s operations; Georgia Gulf’s ability to integrate PPG’s commodity chemicals business 
successfully after the closing of the Transaction and to achieve anticipated synergies; and the risk that disruptions from the Transaction will harm PPG’s or Georgia Gulf’s businesses.
However, it is not possible to predict or identify all such factors. Consequently, while the list of factors presented here is considered representative, no such list should be considered to
be a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. Forward-
looking statements included herein are made as of the date hereof, and neither PPG nor Georgia Gulf undertakes any obligation to update publicly such statements to reflect
subsequent events or circumstances.
This communication does not constitute an offer to buy, or solicitation of an offer to sell, any securities of Georgia Gulf, PPG’s commodity chemicals business or PPG.  In connection
with the Transaction, Georgia Gulf will file with the SEC a registration statement on Form S-4 that will include a proxy statement and prospectus of Georgia Gulf relating to the
Transaction. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT AND PROXY STATEMENT/PROSPECTUS, AND ANY OTHER
RELEVANT DOCUMENTS, WHEN THEY BECOME AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT GEORGIA GULF, PPG’S COMMODITY
CHEMICALS BUSINESS AND THE TRANSACTION. Investors and security holders will be able to obtain these materials (when they are available) and other documents filed with the
SEC free of charge at the SEC’s website, www.sec.gov. In addition, copies of the registration statement and proxy statement/prospectus (when they become available) may be
obtained free of charge by accessing Georgia Gulf’s website at www.ggc.com by clicking on the “Investors” link and then clicking on the “SEC Filings” link, or upon written request to
Georgia Gulf, Georgia Gulf Corporation, 115 Perimeter Center Place, Suite 460, Atlanta, Georgia 30346, Attention: Investor Relations, or from PPG upon written request to PPG, PPG
Industries, Inc., One PPG Place, Pittsburgh, Pennsylvania 15272, Attention: Investor Relations. Shareholders may also read and copy any reports, statements and other information
filed by Georgia Gulf or PPG with the SEC, at the SEC public reference room at 100 F Street, N.E., Washington D.C. 20549. Please call the SEC at 1-800-SEC-0330 or visit the SEC’s
website for further information on its public reference room.
Georgia Gulf, PPG, and certain of their respective directors, executive officers and other members of management and employees may be deemed to be participants in the solicitation
of proxies from shareholders in respect of the Transaction under the rules of the SEC. Information regarding Georgia Gulf’s directors and executive officers is available in its 2011
Annual Report on Form 10-K filed with the SEC on February 24, 2012, and in its definitive proxy statement filed with the SEC on April 16, 2012 in connection with its 2012 annual
meeting of stockholders. Information regarding PPG’s directors and executive officers is available in its 2011 Annual Report on Form 10-K filed with the SEC on February 16, 2012, 
and in its definitive proxy statement filed with the SEC on March 8, 2012 in connection with its 2012 annual meeting of stockholders. Other information regarding the participants in the 
proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the registration statement and proxy statement/prospectus
and other relevant materials to be filed with the SEC when they become available.


3
Charles E. Bunch
Chairman and CEO
PPG Industries, Inc.


4
Strategic Benefits of Transaction
Creates a leading, integrated chemicals and building products company with
global annual revenues of approximately $5 billion
Newly merged company will have substantial cost synergies and greater scale
to capitalize on cost advantaged North American natural gas
Highly complementary to strategic objectives of both companies, with
significant potential to enhance shareholder value of both companies
Newly
merged
company
will
also
have
strong
capital
structure
and
cash
flow
to
support growth and return of capital to shareholders
Significant Shareholder Value Creation Opportunity for Both Companies
Another significant step in PPG’s transformation to a more focused Coatings &
Specialty Products company
Combination of PPG Commodity Chemicals Business with Georgia Gulf
1
2
3
4
5


Stock-for-stock exchange using Reverse Morris Trust structure
PPG business will be distributed to PPG shareholders through a tax-free separation;
then
immediately
merged
with
Georgia
Gulf
or
a
new
subsidiary
of
Georgia
Gulf
Total consideration of $2.1 billion, including cash to PPG, issuance of approximately
35.2 million Georgia Gulf shares to PPG shareholders,  and the assumption of debt and
minority interest by the newly  merged company
The newly merged company assumes certain pension assets/liabilities and other related
liabilities
PPG’s Commodity Chemicals to Merge with Georgia Gulf
Transaction overview
Ownership
(The Newly Merged
Company)
5
Approximately 50.5% PPG shareholders
Approximately 49.5% Georgia Gulf shareholders
~ 70 million shares outstanding
Governance
(The Newly Merged
Company)
Georgia Gulf’s CEO and combined executive team to lead company
Georgia Gulf’s Board of Directors plus three additional directors designated by PPG
Structure and
Consideration
Financial
Benefits
(The Newly Merged
Company)
Expect $115 million in annual cost synergies with full realization in first 2 years
Accretive to the company’s earnings and free cash flow in 2013
Strong capital structure and cash flows with enhanced financial flexibility
Conditions and
Expected
Closing
Georgia Gulf shareholder vote
Customary closing conditions, relevant tax rulings and regulatory authority approvals
Expected closing in late 2012 or early 2013


Another significant step in PPG’s transformation to a more
focused coatings and specialty products company
Reverse Morris Trust provides tax-efficient structure to capture full
value of commodity chemicals business for PPG shareholders:
Approximately 50.5% ownership of The Newly Merged Company
$900 million in cash proceeds
Benefits from cost synergies not available to PPG alone
Additional financial considerations:
The Newly Merged Company’s assumption of debt and minority interest
and related environmental liabilities
The Newly Merged Company’s assumption of related pension assets and
liabilities and other post-retirement benefit (OPEB) costs
6
Significant PPG Shareholder Value Creation


PPG’s Transformation Continues
Sales in USD
Coatings & Specialty
Materials = $5B
Coatings & Specialty
Materials = $12B
Transaction Furthers PPG’s Portfolio Transformation
7
2001 -
$8.2B
6%
54%
27%
13%
Pro
Forma
2011
-
$13.2
B
8%
9%
83%
Optical & Specialty
Materials
Coatings
Chemicals
Glass


Consideration for PPG Commodity Chemicals Business
8
Immediate Benefits for PPG and PPG Shareholders
Related Liabilities (OPEB, Environmental and Other)
Pension Liabilities
Pension Assets
-230
-466
466
Value of Georgia Gulf Shares (as of July 18, 2012)
Cash
Assumed Debt and Minority Interest
Total PPG Shareholder Value -
Pre-Synergies
$1,016
900
182
$2,098
EBITDA Multiple (Last Year -
2011)
5.1x
Financial consideration prior to synergy capitalization:
Implied multiples:
Other balance sheet items assumed by merged company:
EBITDA Multiple (Prior 3-Year Average)
7.6x
Assets and liabilities are shown based on PPG’s 2011 10-K.
All numbers in USD Millions except multiples.
See
Appendix
for
calculation
variables
and
EBITDA
reconciliation
to
PPG
GAAP
figures.


PPG Summary
Strategic:
Continued
execution
of
ongoing
PPG
strategic
objectives
Creates shareholder value today:
Immediately
enhances
shareholder
value
through
tax
efficiency
and
ability to share in synergies and growth of the newly merged company
Provides for further shareholder value creation in the future:
Supplements
PPG’s
already
strong
cash
position,
providing
further
financial flexibility for shareholder-accretive cash deployment and dividends
Significant Shareholder Valuation Creation and Enhanced Financial Flexibility
9


Paul Carrico
President and CEO
Georgia Gulf Corporation
10


Benefits of Transaction for Georgia Gulf
Creates Global Chemicals and Building Products Leader with Increased Scale
Fortune
500
company
with
pro
forma
sales
of
$5
billion
and
broad
portfolio of
leading positions in downstream chemicals and building products
Enhanced Vertical Integration with Significant U.S. Natural Gas Driven Chlor-
alkali Production
Vertical integration enhances operating rates throughout the cycle
Approximately
70%
integration
to
natural
gas
fired
cogeneration
will
make
the
combined company one of the lowest cost integrated chlor-alkali producers in the
world
Significant Cost Synergies and Well-Positioned to Capitalize on Growth
Opportunities
Expected ~$115 million of annualized cost synergies in the first two years
Strong capital structure and cash flows enhance financial flexibility
Well positioned to participate in North American ethylene expansion
Return of cash to shareholders via dividends
11
Scale and Integration of Combined Company Creates Value
for Georgia Gulf Shareholders


0
500
1,000
1,500
2,000
2,500
3,000
0
500
1,000
1,500
2,000
2,500
3,000
3,500
Georgia Gulf
PPG Commodity Chemicals
0
1,000
2,000
3,000
4,000
Creates Integrated Leader Across the Chain
ECU Capacity ('000s short tons)
Source: CMAI.
1.
Occidental VCM capacity includes OXYMAR.
2.
Reflects
Dow’s
closure
of
VCM
capacity
at
Oyster
Creek,
TX
and
Plaquemine,
LA
in
2011.
3.
Total PVC capacity relates to Georgia Gulf capacity as PPG does not produce PVC.
North American ECU Capacity
North American VCM
North American PVC
(’000s short tons)
(’000s short tons)
12


Diverse Product Portfolio Creates Opportunity
Chlorine Downstream
PVC Downstream
60% internally consumed by a
broad mix of chlorine derivatives
Multiple downstream growth 
opportunities
Gulf Coast logistics provide
excellent access to export
markets
Organic growth in Building
Products as U.S. housing
recovers
13
VCM / PVC
45%
Merchant
40%
Derivatives
15%
Domestic Merchant
56%
Export
20%
Compounds
12%
Building
Products
12%


14
Expected Cost Synergies to be Realized Over First 2 Years
Expected Value
~$40M
~$35M
~$115M
Procurement &
Logistics
Operating Rate
G&A
Reduction
Savings from combined ~$1 billion/year
ethylene and natural gas purchases
Freight and terminal optimization
Operating rate optimization through the chain of
combined assets
Reduced overhead charges
Information Technology savings
Impact of purchase accounting pension
adjustments (~$15M)
~$40M
Total Cash to
Achieve
Professional fees, consultants
Information Technology implementation
Relocation and Severance costs
~$55M
Annualized Cost Synergy Run Rate
$30 Million Achieved Immediately, $60 Million By End of First Year


Geographic and Product Fit with Major Facilities
PPG
Commodity
Chemicals
Georgia
Gulf
Lake Charles Assets Have Been Operationally Integrated for Nearly 30 years
Combined ECU Capacity
Combined VCM Capacity
15
Lake Charles
58%
Other
42%
Lake Charles
56%
Other
44%
Chlorine


Improves Combined Mid-Cycle EBITDA
(1)
to $850mm+
Higher Integration Level Reduces EBITDA Cyclicality
16
Source: Georgia Gulf Management
1.
Assumes corporate costs of $60 million.
Chlorovinyls
Building
Products
Aromatics
Drivers:
Operating rates
Natural Gas advantage
Chlorine-caustic demand balance
Drivers:
Operating rates
Cumene-phenol capacity balance
Export demand
Drivers:
US and Canadian Housing Starts
Remodel/Renovation activity
Mid-Cycle
0
200
400
600
800
1000
Trough
PPG
Synergies
Georgia Gulf
Trough
Mid-Cycle
0
50
100
150
Mid-Cycle
Trough
0
50
10
20
30
40


2.2x
2.1x
1.5x
1.6x
1.7x
1.8x
1.9x
2.0x
2.1x
2.2x
2.3x
Georgia Gulf Standalone Debt
/ LTM 3/31/12 EBITDA
Combined Company Debt /
LTM 3/31/12 EBITDA
$381
$115
$0
$50
$100
$150
$200
$250
$300
$350
$400
$450
Georgia Gulf Standalone
LTM 3/31/12
Combined Company LTM
3/31/12
($ in millions)
Merger Strengthens Cash Flow, Decreases Leverage
Free Cash Flow
(1)
Leverage
1.
Free cash flow defined as EBITDA, less cash interest, less cash taxes, less capex, less change in working capital. 
2.
Newly merged company financials include run rate cost synergies of $115 million and calculated using PPG Commodity Chemicals FY 2011 D&A value of
$41mm for calculation of LTM 3/31/12 EBITDA and PPG Commodity Chemicals FY 2011 capex value of $89mm for LTM 3/31/12 capex.  Excludes impact of
pension accounting synergies.
3.
Excludes Georgia Gulf’s lease financing obligations. PF LTM 3/31/12 EBITDA calculated using PPG Commodity Chemicals FY 2011 D&A value of $41mm.
(2)
(3)
(2)(3)
17


18
Summary
Creates a leading, integrated chemicals and building products company with
global annual revenues of approximately $5 billion
Newly merged company will have substantial cost synergies and greater scale
to capitalize on cost advantaged North American natural gas
Highly complementary to strategic objectives of both companies, with
significant potential to enhance shareholder value of both companies
Newly
merged
company
will
also
have
strong
capital
structure
and
cash
flow
to
support growth and return of capital to shareholders
Significant Shareholder Value Creation Opportunity for Both Companies
Another significant step in PPG’s transformation to a more focused Coatings &
Specialty Products company
Combination of PPG Commodity Chemicals Business with Georgia Gulf
1
2
3
4
5


Investors:
Vince Morales
(412) 434-3740
Media:
Jeremy Neuhart
(412) 434-3046
Investors:
Martin Jarosick
(770) 395-4524
Media:
Alan Chapple
(770) 395-4538
Company Contacts
19


20
Appendix


Business Overviews
Integrated North American Chemicals and Building
Products company
Manufacturer of custom and other vinyl-based
products marketed under the Royal Building
Products and Exterior Portfolio brands
Well positioned for the future:
Shale gas positions North American producers
at low end of the global cost curve
Demand growth from emerging markets
presents strong export opportunities
North American housing demand and
remodeling at historic lows
2011 Sales:  $3,223 million
2011 Adjusted EBITDA: $230 million
21
Georgia Gulf
PPG Commodity Chemicals
Global leader in the merchant supply of Chlor-alkali
Attractive product portfolio including chlorine,
caustic soda and downstream chlorine-based
chemicals
Chlorinated solvents
VCM and EDC
HCl, calcium hypochlorite and phosgene
derivatives
World class integrated manufacturing facilities in
North America
Broad North American presence, benefitting
from structurally low natural gas cost and
global export opportunities
2011 Sales: $1,741 million
2011 EBITDA: $411 million


Combined Map of Facilities
Georgia Gulf –
Building Products
Company Headquarters
PPG
Georgia Gulf -
Chemicals
22


23
1.
Funding of $660 million short-term debt by Initial Lender to PPG
2.
PPG transfers assets and liabilities of the business to PPG
Commodity Chemicals
Transaction Steps Pre-Closing
Transaction Steps Concurrent with Closing
1.
PPG Commodity Chemicals to issue $660 million of PPG Commodity
Chemicals Notes and borrow $240 million under the PPG Commodity
Chemicals Term Loan
A.
PPG Commodity Chemicals distributes the $240M of cash to PPG
B.
PPG Commodity Chemicals distributes the PPG Commodity Chemicals
Notes to PPG
2.
PPG delivers the PPG Commodity Chemicals Notes to the Initial Lender to
retire the $660 million short-term PPG Commodity Chemicals debt incurred
in step 1
3.
Initial Lender sells the PPG Commodity Chemicals Notes to bond investors
in the capital markets
4.
PPG
separates
PPG
Commodity
Chemicals
by
distributing
all
shares
of
PPG
Commodity Chemicals to PPG shareholders
PPG
Georgia Gulf
Georgia Gulf
Shareholders
PPG
Shareholders
Initial
Lender
Cash
$660M
Short-Term Debt
$660M
PPG
Georgia Gulf
Term Loan
Lenders
Cash
$240M
Term
Loan $240M
PPG
Commodity
Chemicals
Bond
Investor
Target
Business
$240M Cash
$660M PPG
Commodity
Chemicals Notes
Cash
$660M
$660M
PPG Commodity
Chemicals Notes
Short-Term
Debt
$660M
$660M
PPG Commodity
Chemicals
Notes
Step 1: Above Basis Amount Funding Pre-Closing
Step 2: Spinoff / Debt Exchange
Financing Sequencing Overview
Initial
Lender


24
Cross guarantee of
debt between
Georgia Gulf and
PPG Commodity
Chemicals
$500M ABL Facility
~$500M Existing 9% Sr. Secured Notes due 2017
< 49.5%
> 50.5%
$240M PPG Commodity Chemicals Term Loan
$660M PPG Commodity Chemicals Notes
$95M Existing RS Cogen Debt (50%)
Step 3: Pro Forma Structure
Pro Forma Capital Structure
PPG
Shareholders
PPG
PPG
Shareholders
Georgia Gulf
Shareholders
Georgia Gulf
PPG
Commodity Chemicals
Immediately following the separation, Georgia Gulf or a merger subsidiary will merge into PPG Commodity Chemicals
PPG Commodity Chemicals to survive such merger as a wholly owned subsidiary of Georgia Gulf
PPG Shareholders will own approximately 50.5% of the newly merged Georgia Gulf and Georgia Gulf’s existing
shareholders will own approximately 49.5% upon the completion of the merger
Georgia Gulf and PPG Commodity Chemicals to provide cross guarantees of the debt at both entities


PPG Commodity Chemicals Business Financials and
EBITDA Reconciliation
25
2009
2010
2011
3-Year
Average
Total Net Sales
$1,282
$1,441
$1,741
$1,488
Earnings Before Interest and Taxes (EBIT)
152
189
370
237
Depreciation & Amortization (DA)
40
39
41
40
EBITDA (EBIT + DA)
192
228
411
277
EBITDA % of Sales
15.0%
15.8%
23.6%
18.6%
Segment Assets
564
587
690
614
Segment
Capital
Spending
-
(Note:
2011
includes
$27MM acquisition of Equachlor)
24
40
89
51
All numbers are in USD millions except percentages, and as reported in PPG’s financial filings with the SEC.


Calculation
Details
-
Consideration
For
PPG
Commodity Chemicals Business
EBITDA Multiple Calculations:
Total PPG Shareholder Value -
Pre-Synergies
EBITDA (Last Year -
2011)
$2,098
411
EBITDA Multiple
5.1x
Total PPG Shareholder Value -
Pre-Synergies
EBITDA (Prior 3-Year Average)
$2,098
277
EBITDA Multiple
7.6x
Georgia Gulf Closing Price (as of July 18, 2012)
Approximate Shares Delivered to PPG Shareholders
Total Value Georgia Gulf Shares
$28.85
35.2
$1,016
Value of Georgia Gulf Shares:
All numbers are in USD millions except multiples, and share price.
26


Pro Forma Financial Profile
Georgia
Gulf
PPG
Commodity
Chemicals
(1)
Newly Merged
Company
(2)
LTM as of 3/31/12
(3)
(4)
(5)
(2)
27
Total Net Sales
$3,295
$1,741
$5,036
EBITDA
241
414
655
% margin
7.3%
23.8%
13.0%
Plus: Synergies
-
-
115
Pro forma EBITDA
-
-
770
% margin
-
-
15.3%
Pro Forma EBIT
143
373
548
% margin
4.3%
21.4%
10.9%
Capex
69
89
158
% of sales
2.1%
5.1%
3.1%
Free Cash Flow
115
201
381
(Figures in $ millions)
1.
Net Sales and EBIT reflect LTM numbers. Assumes FY 2011 D&A value of $41mm for calculation of LTM 3/31/12 EBITDA and FY 2011 capex value of
$89mm for LTM 3/31/12 capex.
2.
Newly merged company EBIT includes increased D&A from purchase accounting adjustments of $82mm and $115 million of synergies.
3.
Free cash flow defined as EBITDA, less cash interest, less cash taxes, less capex, less change in working capital. 
4.
Assumes FY 2011 D&A value of $41mm for calculation of LTM 3/31/12 EBITDA, FY 2011 capex value of $89mm for LTM 3/31/12, tax rate of 35%, and
change in working capital as a % of sales held steady with Georgia Gulf’s over the same period.
5.
Includes run-rate cost synergies of $115mm. Includes PF interest expense for new $240mm term loan and $660mm senior notes and tax rate of 32%.


Pro Forma Capital Structure
28
Pro Forma Capital Structure
1.
Represents drawn amount.
2.
Assumes PPG Commodity Chemicals FY 2011 D&A value of $41mm for calculation of PPG Commodity Chemicals LTM 3/31/12 EBITDA.  Includes $115
million of pro forma run-rate cost synergies.
(2)
(2)
(2)
($ millions)
Mult. Of
3/31/2012
Adj.
Pro Forma
LTM EBITDA
Cash
$39
-
              
$39
0.1x
ABL Facility
29
            
61
90
           
0.1x
Existing Georgia Gulf Debt
498
-
              
498
0.6x
New Term Loan
-
               
240
240
0.3x
RS Cogen Debt (50%)
-
               
95
95
0.1x
Total Secured Debt
$527
$396
$922
1.2x
New Senior Notes
-
               
660
660
0.9x
Total Debt
$527
$1,056
$1,582
2.1x
LTM EBITDA
$241
$770
Credit Statistics
Total Secured Debt/LTM EBITDA
2.2x
1.2x
Total Debt/LTM EBITDA
2.2x
2.1x
(1)


Georgia Gulf Historical Financials
29
1.
(1)
(1)
($ in millions)
LTM
2009
2010
2011
3/31/12
Total Net Sales
$1,990
$2,818
$3,223
$3,295
EBITDA
162
208
230
241
% margin
8.1%
7.4%
7.1%
7.3%
EBIT
44
109
129
143
% margin
2.2%
3.9%
4.0%
4.3%
Capex
30
46
66
69
Adjusted for lease financing obligation.


($ in millions)
LTM
2009
2010
2011
3/31/12
Total Net Sales
$1,282
$1,441
$1,741
$1,741
EBITDA
(3)
192
228
411
414
% margin
15.0%
15.8%
23.6%
23.8%
EBIT
152
189
370
373
% margin
11.9%
13.1%
21.3%
21.4%
Capex
(4)
24
40
89
89
PPG Commodity Chemicals Historical Financials
30
1.
Assumes constant D&A value from FY 2011 ($41mm).
2.
Assumes constant capital expenditure value from FY 2011 ($89mm).
3.
Includes impact of hedge accounting that will not be part of newly merged company.
4.
2011 and LTM include $27MM acquisition of Equachlor.
(1)
(2)