Financial terms were not disclosed.
Fuyao plans to rebuild and retrofit the facility’s two production lines to manufacture automotive glass. PPG will continue to operate the plant for up to one year, producing SUNGATE® coated glass and clear glass.
The sale of the Mount Zion facility is consistent with the strategic initiative by PPG’s flat glass business to focus on its higher-technology, coated glass capabilities for residential and commercial construction applications.
PPG’s flat glass business manufactures high-performing coated glass, tinted and clear float glass primarily for the residential and commercial segments of the construction industry, as well as other specialty glass markets. The Mount Zion facility was built in 1959 and converted for float glass production in 1978.
About Fuyao Glass America Inc.
Fuyao Glass Industry Group Co. Ltd. (FYG) is a leading international manufacturer of automotive and industrial glass located in the People’s Republic of China. The company has been listed on the Shanghai Stock Exchange since 1993. It employs more than 19,000 people in China, Hong Kong, America, Europe, Australia and Russia. Being the largest automotive glass supplier in China, FYG controls over 60 percent share of Chinese OEM market and over 30 percent share of Chinese replacement market. FYG’s main customers are GM, Ford, Honda, Isuzu, Toyota, Mazda, Audi, Volkswagen, Citroen and Mercedes, to name a few.
PPG: BRINGING INNOVATION TO THE SURFACE.™
PPG Industries' vision is to continue to be the world’s leading coatings and specialty materials 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. Reported net sales in 2013 were $15.1 billion. PPG shares are traded on the New York Stock Exchange (symbol:PPG). For more information, visit www.ppg.com and follow @PPGIndustries on Twitter.
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 the company’s current view with respect to future events or objectives and financial or operational performance or results. The forward-looking statements contained herein include statements relating to future uses of the Mount Zion facility and PPG’s future plans for its flat glass business. Actual events may differ materially from current expectations and are subject to a number of risks and uncertainties, including the future uses of the Mount Zion facility and the other risks and uncertainties 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. Forward-looking statements speak only as of the date of their initial issuance, and PPG Industries 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.
Bringing innovation to the surface is a trademark and Sungate is a registered trademark of PPG Industries Ohio, Inc.