PPG to exit glass business by year's end

PPG to exit glass business by year's end
Photo source
ppg.com
PPG reaches agreement with Nippon Electric Glass for sale of remaining fiberglass operations.

PPG announced that it has reached a definitive agreement to sell its remaining fiberglass operations to Nippon Electric Glass Co. Ltd. (NEG), a leading manufacturer of fiberglass.

The transaction is expected to close in the second half of 2017, subject to customary closing conditions. Pre-tax proceeds from the sale are approximately $545 million, and are subject to customary closing adjustments.

PPG’s remaining fiberglass operations include manufacturing facilities in Chester, South Carolina, and Lexington and Shelby, North Carolina; and administrative and research-and-development operations in Shelby and in Harmar, Pennsylvania, near Pittsburgh.

The business, which employs more than 1,000 people and had net sales of approximately $350 million in 2016, supplies the transportation, energy, infrastructure and consumer markets.

In 2016, PPG completed the sale of its European fiberglass operations to NEG and divested its ownership interests in two Asian fiberglass joint ventures. PPG also completed the sale of its North American flat glass business in 2016.

“We considered all of the strategic alternatives for the business and factored potential impacts to stakeholders. We are pleased that these operations will become part of NEG, a company that is focused on fiberglass as a core business,” said Michael H. McGarry, PPG chairman and chief executive officer.

“This transaction represents the end of PPG’s history as a manufacturer of fiberglass and is the final action in our disciplined, multiyear strategy to divest non-core businesses. Going forward, we will continue to focus on growing our paints, coatings and specialty materials businesses. I want to personally thank our fiberglass employees for their contributions and dedicated support of PPG, and wish them well as they establish the North American fiberglass business of NEG.”

600450 PPG to exit glass business by year's end glassonweb.com

See more news about:

Others also read

FGI Flat Glass International Showcased Unelko's Glass & Surface Protection Products at Eurasia Glass Event in Turkey.
Eastman has been identified by Forbes as one of its 2019 America’s Best Large Employers. The company was ranked 133rd out of the 500 large employers, which are defined as companies with more than 5,000 U.S. employees.
The California Energy Commission (CEC) is seeking to improve energy efficiency through alternate products, such as the Thin Triple window.
The mobile- and device-friendly website highlights the extensive glass fabrication capabilities of CGH’s family of companies across both architectural and security glass divisions.
NSG Group has announced today a joint development agreement between its subsidiary and Ubiquitous Energy, a leader in transparent solar technology.
There’s a stark reality to designing glass entries – they remain vulnerable to impact. Nowhere is this vulnerability felt more strongly than in design for education facilities. The increase in school shootings has become a sad reality in American education.

From industry

10924 Granite Street, Suite 200
Charlotte, NC 28273
United States

10301 North Enterprise Drive
Mequon, WI 53092
United States

NEWS RELATED PRODUCTS

Trex Commercial Products
HHH Tempering Resources, Inc.
Diamon-Fusion International, Inc.
Diamon-Fusion International, Inc.
Diamon-Fusion International, Inc.
Diamon-Fusion International, Inc.

Add new comment