PPG Announces Preliminary Results of Exchange Offer; Intends to Accept Tendered Shares and Expects Closing of the Separation of

  PPG Announces Preliminary Results of Exchange Offer; Intends to Accept
  Tendered Shares and Expects Closing of the Separation of Its Commodity
  Chemicals Business and the Merger of the Business with Georgia Gulf Later
  Today

Business Wire

PITTSBURGH -- January 28, 2013

PPG Industries (NYSE: PPG) today announced the preliminary results of its
exchange offer for PPG common stock in connection with the previously
announced separation of PPG’s commodity chemicals business and the merger of
Eagle Spinco Inc., the PPG subsidiary holding its commodity chemicals
business, with a subsidiary of Georgia Gulf Corporation (NYSE: GGC). PPG
intends to accept shares tendered in the exchange offer, subject to proration,
and expects the closing of the merger to occur immediately thereafter later
today, following the satisfaction of all closing conditions. Upon the
completion of the merger, the combined company formed by uniting Georgia Gulf
with PPG’s commodity chemicals business will be named Axiall Corporation and
will be traded on the New York Stock Exchange under the ticker symbol AXLL.

In the exchange offer, PPG shareholders had the option to exchange some, none
or all of their shares of PPG common stock for shares of Eagle Spinco common
stock, subject to proration. Following the closing of the merger, each share
of Eagle Spinco common stock will automatically be converted into the right to
receive one share of Georgia Gulf common stock. As a result, PPG shareholders
who tendered their shares of PPG common stock as part of the exchange offer
will own 3.2562 shares of Georgia Gulf common stock for each share of PPG
common stock accepted for exchange.

Exchange Offer Results

Pursuant to the exchange offer, which expired today at 8:00 a.m., New York
City time, and based on a preliminary count by the exchange agent, a total of
72,122,892 shares of PPG common stock were validly tendered and not properly
withdrawn prior to the expiration of the exchange offer, including 34,973,611
shares tendered pursuant to guaranteed delivery procedures. The total number
of shares tendered includes an estimated 583,043 shares of PPG common stock
tendered by odd-lot shareholders not subject to proration. PPG will exchange a
total of 10,825,227 shares of PPG common stock in the exchange offer.

Based on the total number of shares of PPG common stock reported to be
tendered and not properly withdrawn prior to the expiration of the exchange
offer, the exchange offer was oversubscribed by approximately 61,297,665
shares, including 34,973,611 shares tendered pursuant to guaranteed delivery
procedures, resulting in a preliminary proration factor of approximately 14.32
percent.

PPG will not be able to determine the final proration factor until the
delivery of shares of PPG common stock tendered by guaranteed delivery is
completed at 5:00 p.m., New York City time, on Jan. 31, 2013. PPG will
publicly announce the final proration factor, which may be different from
today’s preliminary estimate, as soon as it has been determined.

Because more than 10,825,227 shares of PPG common stock were tendered,
following the anticipated closing of the merger, all shares of Eagle Spinco
common stock owned by PPG will be distributed in the exchange offer, and no
shares of Eagle Spinco common stock will be distributed as a pro rata
dividend.

About PPG and Its Commodity Chemicals Business

PPG Industries' vision is to continue to be the world’s leading coatings and
specialty products company. Through leadership in innovation, sustainability
and color, PPG helps customers in industrial, transportation, consumer
products, and construction markets and aftermarkets to enhance more surfaces
in more ways than does any other company. Founded in 1883, PPG has global
headquarters in Pittsburgh and operates in nearly 70 countries around the
world. Sales in 2012 were $15.2 billion. PPG shares are traded on the New York
Stock Exchange (symbol: PPG). For more information, visit www.ppg.com.

PPG’s commodity chemicals business is a global producer of chlorine, caustic
soda and related chemicals for use in applications such as chemical
manufacturing, pulp and paper production, water treatment, plastics production
and agricultural products, with manufacturing facilities in the U.S., Canada
and Taiwan.

Forward-Looking Statements

Statements in this news release relating to matters that are not historical
facts are forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995 reflecting PPG Industries’ current
view with respect to future events or objectives and financial or operational
performance or results. These matters involve risks and uncertainties as
discussed in PPG Industries’ periodic reports on Form 10-K and Form 10-Q, and
its current reports on Form 8-K, filed with the Securities and Exchange
Commission (the “SEC”). Accordingly, many factors could cause actual results
to differ materially from the company’s forward-looking statements. This news
release also contains statements about PPG Industries’ agreement to separate
its commodity chemicals business and merge it with Georgia Gulf Corporation or
a subsidiary of Georgia Gulf (the “Transaction”) and its offer to exchange
shares of PPG common stock for shares of Eagle Spinco Inc. common stock (and
ultimately shares of Georgia Gulf common stock) (the “Exchange Offer”). Many
factors could cause actual results to differ materially from the company’s
forward-looking statements with respect to the Transaction and the Exchange
Offer, including the number of shares of PPG common stock tendered and
accepted; the number of shares of Eagle Spinco (and ultimately Georgia Gulf)
common stock issued in the Exchange Offer; the ultimate pricing, discount and
other parameters of the Exchange Offer; the parties’ ability to satisfy the
conditions of the Transaction; the parties’ ability to complete the
Transaction on anticipated terms and schedule, including the ability of PPG to
successfully complete the Exchange Offer and the ability of the parties to
obtain regulatory approvals; risks relating to any unforeseen liabilities,
future capital expenditures, revenues, expenses, earnings, synergies, economic
performance, indebtedness, financial condition, losses and future prospects;
business and management strategies for the management, expansion and growth of
Georgia Gulf’s operations; Georgia Gulf’s ability to integrate PPG’s commodity
chemicals business successfully after the closing of the Transaction and to
achieve anticipated synergies; and the risk that disruptions from the
Transaction will harm PPG’s or Georgia Gulf’s business. Consequently, while
the list of factors presented here is considered representative, no such list
should be considered to be a complete statement of all potential risks and
uncertainties. Unlisted factors may present significant additional obstacles
to the realization of forward-looking statements. Consequences of material
differences in results as compared with those anticipated in the
forward-looking statements could include, among other things, business
disruption, operational problems, financial loss, legal liability to third
parties and similar risks, any of which could have a material adverse effect
on PPG’s consolidated financial condition, results of operations or liquidity.
Forward-looking statements speak only as of the date of their initial
issuance, and PPG does not undertake any obligation to update or revise
publicly any forward-looking statement, whether as a result of new
information, future events or otherwise, except as otherwise required by
applicable 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, PPG's commodity chemicals
business or PPG. In connection with the Transaction, Georgia Gulf has filed
with the SEC a registration statement on Form S-4 that includes a prospectus
of Georgia Gulf relating to the Transaction. In addition, Eagle Spinco Inc., a
subsidiary of PPG Industries, has filed with the SEC a registration statement
on Form S-4 and S-1 that includes a prospectus of the PPG commodity chemicals
business relating to the Transaction. INVESTORS AND SECURITY HOLDERS ARE URGED
TO READ THE REGISTRATION STATEMENTS AND PROSPECTUS, 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 may 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 statements and prospectus may be obtained free of charge by
accessing Georgia Gulf's website at www.ggc.com and clicking on the
“Investors” link and then on the “SEC Filings” link, or upon written request
to Georgia Gulf, Georgia Gulf Corporation, 115 Perimeter Center Place, Suite
460, Atlanta, GA 30346, Attention: Investor Relations, or from PPG upon
written request to PPG, PPG Industries, Inc., One PPG Place, Pittsburgh, PA
15272, Attention: Investor Relations. Shareholders also may read and copy any
reports, statements and other information filed by Georgia Gulf, PPG or Eagle
Spinco with the SEC at the SEC public reference room at 100 F Street, N.E.,
Washington, DC 20549. Please call the SEC at 1-800-SEC-0330 or visit the SEC's
website for further information on its public reference room.

Contact:

PPG Industries, Inc.
Jeremy Neuhart, PPG Corporate Communications, 412-434-3046
neuhart@ppg.com
or
Investors:
Vince Morales, PPG Investor Relations, 412-434-3740
vmorales@ppg.com
 
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