PPG acquires a stake in Taiwan Chlorine Industries

PPG has acquired a minority stake in chlorine-based products manufacturer in Taiwan, which was initially established as a joint venture that PPG was a part of -- but later transferred its ownership interest.

PPG now has a 40% ownership interest in Taiwan Chlorine Industries Ltd. (TCI) from China Petrochemical Development Corporation (CPDC).

TCI began as a joint venture in 1986 between PPG and CPDC, at which time PPG owned 60% of the venture.

During the 2013 separation of its commodity chemicals business, PPG transferred its ownership interest in TCI to Axiall Corporation. Axiall was then acquired by Westlake Chemical Corporation in 2016.

CPDC was also granted the option to sell its 40% stake to Axiall at that time for $100 million, following the three-year anniversary of the commodity chemical business separation. Axiall was concurrently granted the right to name PPG as its designee to purchase CPDC’s 40% ownership interest. In April 2016, CPDC elected to sell its 40% interest to Axiall, and in June, Axiall designated PPG to purchase this ownership interest.