Georgia Gulf declares quarterly dividend of 8 cents/share of common stock, payable Dec. 28
December 12, 2012
– The Board of Directors of Georgia Gulf Corporation (NYSE: GGC) today declared a quarterly dividend of 8 cents per share of common stock. The dividend is payable December 28, 2012, to shareholders of record at the close of business on December 21, 2012.
As previously disclosed, the Board of Directors has called a special meeting to be held on January 10, 2013, for shareholders of record on November 26, 2012, to approve the issuance of Georgia Gulf shares in the proposed merger with PPG’s commodity chemicals business and to approve other matters described in the proxy statement dated December 6, 2012.
The terms of the proposed transaction call for PPG to form a new company by separating its commodity chemicals business through a spinoff or split off, and then immediately thereafter merging that business with a Georgia Gulf subsidiary in a Reverse Morris Trust transaction. The proposed merger would result in PPG shareholders receiving approximately 50.5 percent of the shares of the merged company (“The Newly Merged Company”), with existing Georgia Gulf shareholders owning approximately 49.5 percent of The Newly Merged Company.
Additionally, The Newly Merged Company expects to assume approximately $95 million of debt, about $87 million of minority interest, and related environmental liabilities, pension assets and liabilities and other post-employment benefits (OPEB) obligations of PPG’s commodity chemicals business.
The transaction is subject to approval by Georgia Gulf shareholders and customary closing conditions, relevant tax authority rulings and regulatory approvals, and is expected to be completed in early 2013.
About Georgia Gulf
Georgia Gulf Corporation is a leading, integrated North American manufacturer of two chemical lines, chlorovinyls and aromatics, and manufactures vinyl-based building and home improvement products. The Company's vinyl-based building and home improvement products, marketed under Royal Building Products and Exterior Portfolio brands, include window profiles, patio doors, mouldings, siding, pipe and pipe fittings, soffit, rain ware and decking. Georgia Gulf, headquartered in Atlanta, Georgia, has manufacturing facilities located throughout North America to provide industry-leading service to customers. For more information, visit www.ggc.com.