PPG reports that it will sell its remaining glass fiber operations to Nippon Electric Glass Co Ltd. The transaction is expected to close in the second half of 2017.
PPG’s remaining glass fiber operations include manufacturing facilities in South and North Carolina. The business, which employs more than 1,000 people and had net sales of approximately US$350 million in 2016, supplies the transportation, energy, infrastructure and consumer markets.
In 2016, PPG completed the sale of its European glass fiber operations to NEG and divested its ownership interests in two Asian glass fiber joint ventures. PPG also completed the sale of its North American flat glass business in 2016.
‘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,’ said Michael H McGarry, PPG chairman and CEO. ‘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.’
This story is reprinted from material from PPG, with editorial changes made by Materials Today. The views expressed in this article do not necessarily represent those of Elsevier.
