NSG Group And SYP To Expand Energy-Saving Glass Capacity

Date: 20 August 2010
Source: NSG Group
NSG Group has reached an agreement with Shanghai Yaohua Pilkington Glass Co. Ltd (“SYP”), to expand its float and coating operations in Tianjin, China. NSG Group and SYP have agreed to invest in a joint venture in Tianjin, China which is currently majority-owned and managed by SYP.

Under the agreement, NSG Group will install its online coating technology onto an existing float line that is currently majority owned and managed by SYP in Tianjin, China. NSG Group and SYP have also agreed to invest in a further project to build a new float line with the same online coating technology adjacent to the existing line in Tianjin. The project is intended to increase production of low-emissivity (low-e) energy-saving glass for the China market.
 
The total investment by NSG Group in both projects is expected to be approximately JPY 4.5 billion. NSG Group will initially acquire a 37.5 percent stake in the joint venture, but this will subsequently increase to approximately 45 percent as the build of the new float line progresses. Accordingly, the joint venture will be accounted for as an affiliate using the equity method of accounting. Completion of the transaction is subject to a number of conditions including appropriate regulatory approvals in China.
 
NSG Group's President and CEO, Craig Naylor, said “China already accounts for approximately 50 percent of the global demand for flat glass and the demand for energy-saving coated glass in China is experiencing rapid growth. We believe our world-leading online coating technology will enable us, in partnership with SYP, to gain rapid growth in market share in this sector. In addition, the online coating technology will open up new opportunities for growth in other sectors with value added products.”
 
These new investments represent a major commitment by the NSG Group to China and to our partnership with the other major shareholders in SYP, including Shanghai Building Materials - owned by the Guosheng Group and China Composites.

600450 NSG Group And SYP To Expand Energy-Saving Glass Capacity glassonweb.com

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