PPG: retired executive returns to head autoglass

PPG Industries announced 3 January 2008 that Frank A. Archinaco has rejoined the company as president and chief executive officer of the company“s auto glass and services businesses.
“Frank“s deep …

PPG Industries announced 3 January 2008 that Frank A. Archinaco has rejoined the company as president and chief executive officer of the company“s auto glass and services businesses. “Frank“s deep experience in the automotive glass business will serve us well as we continue to explore strategic alternatives for this business,” said Charles E. Bunch, PPG chairman and chief executive officer. Mr. Archinaco was appointed vice president, automotive original equipment manufacture (OEM) glass, in 1986. He assumed responsibility for PPG“s total glass business in 1994 and was elected executive vice president in 1997. He retired from PPG as executive vice president for glass and chemicals in 2002. PPG announced on 27 December 2007 that affiliates of California-based Platinum Equity, intended to terminate or renegotiate the contract to purchase PPG“s automotive OEM glass and automotive replacement glass (ARG) and services businesses as of 31 December 2007. Platinum Equity also alleged in a lawsuit that PPG had misrepresented the financial state of the autoglass business. PPG said that, in the event the transaction does not close with the Platinum group, it would continue to explore divestiture, restructuring and other strategic alternatives for the automotive OEM and ARG and services businesses with the goal of maximizing shareholder value.