Volume 37, Issue 3, March 2002
PPG’s Archinaco Announces Retirement
Pittsburgh-based PPG Industries has announced that executive vice president of glass and chemicals, Frank A. Archinaco, will retire July 1. Charles E. Bunch, executive vice president, will become president and chief operating officer of the company, effective the same day.
Archinaco, 58, has been with PPG since 1965, when he joined the company as a management trainee in Newark, N.J. He became director of marketing and development for automotive and aircraft glass in 1979, general manager of auto replacement glass products in 1981 and general manager of European glass operations in 1984. In 1986, Archinaco returned to Pittsburgh to become vice president of automotive original equipment glass products. He was named vice president of automotive and aircraft glass in 1991; vice president, glass, in 1994; and senior vice president, glass, in 1995. He was elected to his most recent position in 1997.
PPG chairperson and chief executive officer Raymond LeBoeuf announced Archinaco’s decision to retire on February 25. “He is held in high regard, particularly by our customers and employees, who respect his judgment and sincerity. Frank has contributed significantly to the strategic direction of our company, having been a member of executive management for the past five years,” LeBoeuf said. “Quite simply, Frank’s impact on us and our company will continue long after his last day on the job.”
According to PPG spokesperson Jeff Worden, Archinaco has been talking about his retiring for sometime. “He’s had a long and distinguished career with PPG,” Worden said.
Archinaco was unavailable for comment at press time.
Glaverbel Stock Remains Solid
Shares of Belgium-based Glaverbel SA closed slightly firmer in heavy trade on February 20, according to brokers, despite rumors that funds are trying to block Asahi Glass’s buyout of Glaverbel.
Glaverbel, which is 55-percent owned by Asahi, does not know the identity of the “funds rumored to be acquiring its stock,” said a company spokesperson.
According to a news report, Delaware-based OZ Management has acquired 5.43 percent of Glaverbel’s capital and is “continuing to acquire them, although it is not acting in concert with a third party.” It has also been reported that several funds, including Belgian-based ones, are acquiring shares of Glaverbel, and may together hold 12 percent.
Reportedly, Asahi is offering 145 EUR to buy out Glaverbel, against its historic highs which near 150 EUR. “There are strong rumors of funds buying Glaverbel stock, and that they may hold 10 percent,” said Marc Leemans, KBC Securities analyst. However, it is not clear if the funds are trying to block the Asahi bid, which is dependent on it acquiring 90 percent.
Asahi, under Belgian takeover law, cannot offer a second batch of shareholders a price higher than its original.
“Succeeding in forcing a cancellation of the bid and a new one at enhanced terms would therefore mean all shareholders would benefit,” stated the news report.
Key Communications Inc. Purchases Three New Publications
Key Communications Inc., publishers of USGlass magazine, has purchased certain assets of Associations Publications Inc. of Cordova, Tenn. The purchase includes Shelter, Building Components Manufacturing (BCM) and Plastics Fabricating & Forming magazines.
“We are very excited to announce the welcome addition to our family of publications,” said Key president Debra A. Levy. “We plan to take some great products and expand and upgrade them even further in the future,” she said. Levy added that Brian Welsh, formerly Northeastern sales manager for USGlass, has been named publisher of Shelter.
Shelter serves retailers, dealers and jobbers of doors, windows, lumber and architectural millwork, while BCM serves manufacturers and fabricators of doors and windows. “BCM and Door & Window Maker will soon begin the process of merging,” Levy said. “The purchase underscores the strong commitment we have to this market. We are also thrilled that Jim Powell, the original publisher and founder of all three magazines, will be involved on an ongoing basis.”
© Copyright Key Communications Inc. All rights reserved. No reproduction of any type without expressed written permission.