U.S. Fund to Buy Nippon Sheet Glass-Hoya JV

The Carlyle Group, a U.S. buyout fund, said Friday that it has agreed to acquire a majority stake in a fifty-fifty joint venture between Nippon Sheet Glass Co. and Hoya Corp. that makes glass substrates for liquid crystal displays.

Nippon Sheet Glass will sell all of its 50 pct equity stake in the joint venture, NH Techno Glass Corp., to Carlyle Group as it focuses on its automobile glass operations.

Hoya will sell part of its NH Techno Glass stake to Carlyle Group while continuing to own the remainder.

Nippon Sheet Glass has been looking for a buyer for its NH Techno Glass stake as its interest-bearing liabilities ballooned because of its acquisition of British rival Wilmington Group Ltd. in 2006.

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600450 U.S. Fund to Buy Nippon Sheet Glass-Hoya JV glassonweb.com
Date: 14 May 2008
Source: Japancorp.

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