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Friday, December 14, 2012

AkzoNobel sells N.America paints arm for $1.1 bln, (NYSE: PPG)

AkzoNobel, the world's largest paints maker, will sell its North American decorative paints business to U.S.-listed PPG Industries for $1.05 billion, to focus on Europe and high-growth regions.The North American decorative paints business, which sells the Glidden brand in the United States, has long been a drag on AkzoNobel's performance and seen as a candidate for divestment, and only recently turned around.AkzoNobel said it would receive cash proceeds of about $875 million, which would be used to pay down debt and fund organic growth.Last year, the North American decorative paints operations had revenues of $1.5 billion, or roughly 7 percent of AkzoNobel's total 2011 revenue.

PPG Industries, Inc. (PPG) is a global supplier of protective and decorative coatings. Shares of PPG remained unchanged at $125.21. In the past year, the shares have traded as low as $78.80 and as high as $128.42. On average, 890560 shares of PPG exchange hands on a given day and today's volume is recorded at 0.