More news
- PPG again earns EcoVadis gold rating for sustainability practices, ranking among top 7% of...
- Baikowski® France 2030 plan winner for its innovative project to decarbonise alumina prod...
- New CEO at BASF: Martin Brudermüller hands over to Markus Kamieth
- Wacker stays below prior-year figures amid lower selling prices in Q1
- The Sherwin-Williams Company reports 2024 Q1 results
PPG has completed the sale of its remaining fiberglass operations to Nippon Electric Glass (NEG), a leading manufacturer of fiberglass.
Subject to customary post-closing adjustments, the sale was agreed at approximately US$541M.
NEG has acquired PPG’s manufacturing facilities in Chester, South Carolina, and Lexington and Shelby, North Carolina; as well as its R&D and administrative operations in Shelby and Harmar, Pennsylvania.
The business, which employs more than 1000 people and had net sales of approximately US$350M in 2016, supplies the transportation, energy, infrastructure and consumer markets.
In 2016, PPG completed the sale of its European fiberglass operations to NEG and divested its ownership interests in two Asian fiberglass joint ventures.
PPG also completed the sale of its North American flat glass business in 2016.
With the sale of this remaining piece of its glass business, PPG now comprises two coatings-focused reportable business segments: Industrial Coatings and Performance Coatings.