PPG sell its European fiber glass operations Nippon

PPG to sell its European fiber glass operations to Nippon

10:02 AM, 21st June 2016
PPG to sell its European fiber glass operations to Nippon

PITTSBURGH, US: PPG Industries has signed an agreement for the sale of its European fiber glass operations to glass manufacturer Nippon Electric Glass Co Ltd (NEG). The transaction is expected to close in the second half of 2016.

PPG employs approximately 550 people in its European fiber glass operations, which include manufacturing facilities in Hoogezand (Netherlands) and Wigan (UK) and a R&D facility in Hoogezand. In 2015, sales for PPG’s European fiber glass operations were approximately $150 million. Upon completion of the transaction, PPG will continue to support the manufacturing operations with certain services, including bushing fabrication and engineering support.

PPG’s European fiber glass business manufactures reinforcement materials for thermoset and thermoplastic composite applications. It serves the transportation, energy, infrastructure and consumer markets.

“Upon completion of the transaction, NEG will take ownership of a business in which PPG has consistently invested to drive innovation in fiber glass technology, resulting in high-quality products. PPG remains focused on serving the needs of our fiber glass customers throughout this transaction,” said Viktor Sekmakas, executive VP of PPG.

© Worldofchemicals News


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