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Issue 12/2017 - PPG enters into a definitive agreement with Nippon Electric Glass Corporation

 Last Update: 2022-11-11
 Source: Internet
 Author: User

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PPG and NEC Glass Corporation Conclude Final Agreement
PPG today announced that it has reached a definitive agreement
with NEG to sell its remaining stake in its fiberglass business.
Subject to the satisfaction of customary trading conditions, the transaction is expected to close
in the second half of 2017.
PPG will receive a pre-tax profit of approximately $545 million from the sale, with final profit adjusted
as usual.

Michael H.
McGarry, Chairman and Chief Executive Officer of PPG, said, "We have considered all of our strategic business choices and anticipated the potential impact
on our stakeholders.
This transaction marks the end of PPG's fiberglass manufacturing history and the last move
in our multi-year strategy to divest non-core businesses.
Going forward, we will continue to focus on growing our paints, coatings and specialty materials business
.
On behalf of the company, I would also like to sincerely thank the employees of the Fiberglass Division for their contributions and support to PPG over the years, and wish them all the best in the
establishment and development of NEG's fiberglass business in North America.
”

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