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Saint-Gobain Takes Control of Hankuk Glass Industries (HGI) of Korea
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In accordance with agreements finalized on April 6, 2005, Saint-Gobain has increased its share of voting rights in Hankuk Glass Industries (HGI) from 46% to 80.47%, and thus gained control of HGI.
Hankuk Glass Industries manufactures and processes glass for the architectural and automotive markets and is also present in certain specialty glass segments.
In 2004, the company achieved a turnover of 323 billion wons (or around EUR227 million) with a workforce of 774 people. HGI is mainly present in Korea, China and Japan.
Following on from the long-established partnership existing between Saint-Gobain and Hankuk Glass Industries in the Flat Glass sector - essentially in Korea and China -, this operation serves to strengthen Saint-Gobain's positions in Asia and is consistent with the Group strategy of development in emerging countries.
Employing around 37,000 people, Saint-Gobain's Flat Glass Sector (Saint-Gobain Vitrage) generated sales close to EUR4.4 billion in 2004. Saint-Gobain Vitrage is currently present in 39 countries and ranks number two worldwide and number one in Europe in the flat glass market.
Saint-Gobain Vitrage is organized according to the markets it serves. Its businesses include: Saint-Gobain Glass, which specializes in basic glass products; the Saint-Gobain Glass Solutions network, which processes and distributes glass destined for the architectural and decoration markets; Saint-Gobain Sekurit, the leading supplier of glass to the automotive and transport markets; and finally Saint-Gobain Specialties, which supplies glass products to the domestic appliances and electronics industries, but also to the industrial and commercial equipment industries.
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April 7th, 2005
Source: Prnewswire.com |
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