Nippon Sheet Glass Co., Ltd. will form a new joint venture with a local partner to manufacture float glass in Vietnam responding to increasing demand from the promising local market.
The new company will be named Vietnam Glass Industries Ltd. ("VGI") and plans to start commercial production of high quality architectural glass by the end of 2006 at its plant to be located near Ho Chi Minh City in the south of Vietnam.The total investment is estimated to be approximately US$ 90 million.
In Vietnam, NSG already has another manufacturing joint venture for float glass, Vietnam Float Glass Co., Ltd. ("VFG"), located near Hanoi in the north of Vietnam. The integration of the two companies' management is being considered as a future option to improve the efficiency of NSG's float glass business in the country.
With these measures, NSG continues to pursue further growth and development in Asia.