Proposed Merger of PPG’s Commodity Chemicals Business with Georgia Gulf Receives Favorable IRS Private Letter Ruling

  Proposed Merger of PPG’s Commodity Chemicals Business with Georgia Gulf
  Receives Favorable IRS Private Letter Ruling

Business Wire

ATLANTA -- December 21, 2012

Georgia Gulf Corporation (NYSE:GGC) today announced thata favorable private
letter ruling has been received by PPG Industries from the U.S. Internal
Revenue Service with respect to the previously announced separation of PPG’s
commodity chemicals business and subsequent merger of a newly formed company
owning the commodity chemicals business (“Splitco”) with a subsidiary of
Georgia Gulf Corporation. The receipt of the ruling is a closing condition and
an important milestone in moving towards completion of the transaction.

As previously disclosed, the Georgia Gulf 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.

If approved by Georgia Gulf’s shareholders at the special meeting, the merger
is expected to close in late January 2013.

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.

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.

Safe Harbor

This communication contains certain statements relating to future events and
our intentions, beliefs, expectations, and predictions for the future. Any
such statements other than statements of historical fact are forward-looking
statements within the meaning of the Securities Act of 1933 and the Securities
Exchange Act of 1934. Words or phrases such as “will likely result,” “are
expected to,” “will continue,” “is anticipated,” “we believe,” “we expect,”
“estimate,” “project,” “may,” “will,” “intend,” “plan,” “believe,” “target,”
“forecast,” “would” or “could” (including the negative or variations thereof)
or similar terminology used in connection with any discussion of future plans,
actions, or events, including with respect to the proposed separation of PPG’s
commodity chemicals business from PPG and the merger of the PPG commodity
chemicals business and Georgia Gulf (the “Transaction”), generally identify
forward-looking statements. These forward-looking statements include, but are
not limited to, statements regarding the expected benefits of the Transaction,
and the expected timing of completion of the Transaction, and Georgia Gulf’s
anticipated future financial and operating performance and results, including
its respective estimates for growth. These statements are based on the current
expectations of the management of Georgia Gulf. There are a number of risks
and uncertainties that could cause Georgia Gulf’s actual results to differ
materially from the forward-looking statements included in this communication.
These risks and uncertainties include risks relating to (i) Georgia Gulf's
ability to obtain requisite shareholder approval to complete the Transaction,
(ii) PPG being unable to obtain necessary tax authority and other regulatory
approvals required to complete the Transaction, or such required approvals
delaying the Transaction or resulting in the imposition of conditions that
could have a material adverse effect on the combined company or causing the
companies to abandon the Transaction, (iii) other conditions to the closing of
the Transaction not being satisfied, (iv) a material adverse change, event or
occurrence affecting Georgia Gulf or the PPG commodity chemicals business
prior to the closing of the Transaction delaying the Transaction or causing
the companies to abandon the Transaction, (v) problems arising in successfully
integrating the businesses of the PPG commodity chemicals business and Georgia
Gulf, which may result in the combined company not operating as effectively
and efficiently as expected, (vi) the possibility that the Transaction may
involve other unexpected costs, liabilities or delays, (vii) the businesses of
each respective company being negatively impacted as a result of uncertainty
surrounding the Transaction, (viii) disruptions from the Transaction harming
relationships with customers, employees or suppliers, and (ix) uncertainties
regarding future prices, industry capacity levels and demand for Georgia
Gulf’s products, raw materials and energy costs and availability, feedstock
availability and prices, changes in governmental and environmental
regulations, the adoption of new laws or regulations that may make it more
difficult or expensive to operate Georgia Gulf’s businesses or manufacture its
products before or after the Transaction, Georgia Gulf’s ability to generate
sufficient cash flows from its business before and after the Transaction,
future economic conditions in the specific industries to which its products
are sold, and global economic conditions.

In light of these risks, uncertainties, assumptions, and factors, the
forward-looking events discussed in this communication may not occur. Other
unknown or unpredictable factors could also have a material adverse effect on
Georgia Gulf’s actual future results, performance, or achievements. For a
further discussion of these and other risks and uncertainties applicable to
Georgia Gulf and its business, see Georgia Gulf's Annual Report on Form 10-K
for the fiscal year ended December 31, 2011 and subsequent filings with the
Securities and Exchange Commission (the “SEC”). As a result of the foregoing,
readers are cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date of this communication. Georgia
Gulf does not undertake, and expressly disclaims, any duty to update any
forward-looking statement whether as a result of new information, future
events, or changes in its expectations, except as required by law.

Additional Information and Where to Find it

This communication does not constitute an offer to buy, or solicitation of an
offer to sell, any securities of Georgia Gulf, and no offer or sale of such
securities will be made in any jurisdiction where it would be unlawful to do
so. In connection with the Transaction, Georgia Gulf filed a definitive proxy
statement on Schedule 14A with the Securities and Exchange Commission (“SEC”)
on December 6 2012, which was sent to stockholders of Georgia Gulf seeking
approval for the issuance of shares of Georgia Gulf common stock in connection
with the Transaction and the other matters described in the proxy statement.
In addition, Georgia Gulf has filed a registration statement (including a
prospectus) on Form S-4 (Registration No. 333-183724) with the SEC relating to
the Transaction. The registration statement has not yet been declared
effective. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE PROXY
STATEMENT AND THE PROSPECTUS FORMING PART OF THE REGISTRATION STATEMENT, AND
ANY OTHER RELEVANT DOCUMENTS BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT
GEORGIA GULF, PPG’S COMMODITY CHEMICALS BUSINESS AND THE TRANSACTION.
Investors and security holders will be able to obtain these materials and
other documents filed with the SEC free of charge at the SEC’s website,
www.sec.gov. In addition, copies of the registration statement and proxy
statement may be obtained free of charge by accessing Georgia Gulf’s website
at www.GGC.com by clicking on the “Investors” link and then clicking on the
“SEC Filings” link, or upon written request to Georgia Gulf at 115 Perimeter
Center Place, Suite 460, Atlanta, Georgia 30346, Attention: Investor
Relations. Shareholders may also read and copy any reports, statements and
other information filed by Georgia Gulf with the SEC, at the SEC public
reference room at 100 F Street, N.E., Washington D.C. 20549. Please call the
SEC at 1-800-SEC-0330 or visit the SEC’s website for further information on
its public reference room.

Participants in the Solicitation

Georgia Gulf, PPG, and certain of their respective directors, executive
officers and other members of management and employees may be deemed to be
participants in the solicitation of proxies from shareholders in respect of
the Transaction under the rules of the SEC. Information regarding Georgia
Gulf’s directors and executive officers is available in its 2011 Annual Report
on Form 10-K filed with the SEC on February 24, 2012, and in its definitive
proxy statement filed with the SEC on April 16, 2012, in connection with its
2012 annual meeting of stockholders. Information regarding PPG directors and
executive officers is available in its 2011 Annual Report on Form 10-K filed
with the SEC on February 16, 2012, and in its definitive proxy statement filed
with the SEC on March 8, 2012, in connection with its 2012 annual meeting of
stockholders. Other information regarding the participants in the proxy
solicitation and a description of their direct and indirect interests, by
security holdings or otherwise is contained in the registration statement and
the prospectus that is a part thereof and the proxy statement and other
relevant materials filed with the SEC.

Contact:

Georgia Gulf Corporation
Investor Relations
Martin Jarosick, 770-395-4524
or
Media
Alan Chapple, 770-395-4538
chapplea@ggc.com
 
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