PPG Industries Inc (PPG) has completed the sale of its remaining fibreglass operations to Nippon Electric Glass Co Ltd (NEG), a leading manufacturer of fibreglass. Pre-tax proceeds from the sale were approximately $541 million.
NEG has acquired PPG’s manufacturing facilities in Chester, South Carolina, and Lexington and Shelby, North Carolina; and research-and-development and administrative 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 fibreglass operations to NEG and divested its ownership interests in two Asian fibreglass joint ventures. PPG also completed the sale of its North American flat glass business in 2016.
PPG Industries Inc (PPG) has completed the sale of its remaining fibreglass operations to Nippon Electric Glass Co Ltd (NEG), a leading manufacturer of fibreglass. Pre-tax proceeds from the sale were approximately $541 million.
NEG has acquired PPG’s manufacturing facilities in Chester, South Carolina, and Lexington and Shelby, North Carolina; and research-and-development and administrative 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 fibreglass operations to NEG and divested its ownership interests in two Asian fibreglass joint ventures. PPG also completed the sale of its North American flat glass business in 2016.
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