Georgia Gulf to buy PPG's commodity chemicals business

July 19 Thu Jul 19, 2012 7:11am EDT

July 19 (Reuters) - PPG Industries Inc said it will spin off its commodity chemicals business and then merge it with chemical company Georgia Gulf in a deal valued at about $2 billion.

As per the deal, Georgia Gulf will pay PPG $900 million in cash and assume about $95 million of debt. The company's shareholders will also get about $1 billion in Georgia Gulf shares.