PPG to sell remaining fiberglass operations to Nippon Electric GlassStaff Writer | May 26, 2017
PPG announced that it has reached a definitive agreement to sell its remaining fiberglass operations to Nippon Electric Glass, a manufacturer of fiberglass.
Acquisition PPG to get approximately $545 million
Pre-tax proceeds from the sale are approximately $545 million, and are subject to customary closing adjustments.
PPG’s remaining fiberglass operations include manufacturing facilities in Chester, South Carolina, and Lexington and Shelby, North Carolina; and administrative and research-and-development 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 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. ■