PPG form fibre glass joint venture with Harsha in India

PPG to form fibre glass joint venture with Harsha in India

11:23 PM, 26th August 2011
PPG to form fibre glass joint venture with Harsha in India
Thomas P Kerr, Vice President, Fibre Glass, PPG.

 

PITTSBURGH, US: PPG Industries has signed a letter of intent with Harsha Exito Engineering Pvt Ltd (India) to establish a 50-50 joint venture for the manufacture and sale of fibre glass reinforcement products. The transaction is subject to completion of due diligence and negotiation of definitive documentation. Financial information was not disclosed.

“Over the next several months, PPG and Harsha will be working to finalize a fibre glass joint venture in the Indian state of Tamil Nadu to primarily serve the Indian market. We are encouraged by the prospect of continuing to expand PPG’s global reach, particularly in emerging markets,” said Thomas P Kerr, Vice President, Fibre Glass, PPG.

The projected expansion of the Indian economy will drive demand for fibre glass in end-use applications as infrastructure, transportation and wind energy.

“PPG does not currently operate a fibre glass manufacturing facility in India, but we export fibre glass to the region to support customers’ operations,” said Kerr.

(C) WOC News

 

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