PPG reaches agreement to divest its ownership interest in PFG fiber glass joint ventures
September 22 2016 - 8:11AM
Business Wire
PPG (NYSE:PPG) today announced that it has reached an agreement
to divest its 50 percent ownership interests in its two PFG Fiber
Glass joint ventures (PFG) to Nan Ya Plastics Corp., which
currently controls the other 50 percent ownership interest in the
joint ventures. Nan Ya is affiliated with Taiwan-based Formosa
Plastics Group. The transaction is expected to close by the end of
2016. Financial terms were not disclosed.
PFG was formed as an equally-held joint venture between PPG and
Nan Ya in 1987, with a single production facility in Chia Yi,
Taiwan. To meet growing demand, a second joint venture was formed
to add a production facility in Kunshan, China in 2001.
PFG supplies electronic yarn fibers used in integrated
electronic circuit boards and fiber glass reinforcement products
for automotive applications.
PPG: WE PROTECT AND BEAUTIFY THE WORLD™At PPG (NYSE:PPG),
we work every day to develop and deliver the paints, coatings and
materials that our customers have trusted for more than 130 years.
Through dedication and creativity, we solve our customers’ biggest
challenges, collaborating closely to find the right path forward.
With headquarters in Pittsburgh, we operate and innovate in more
than 70 countries and reported net sales of $15.3 billion in 2015.
We serve customers in construction, consumer products, industrial
and transportation markets and aftermarkets. To learn more, visit
www.ppg.com.
Forward-Looking StatementsStatements in this news release
relating to matters that are not historical facts are
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995 reflecting the company’s
current view with respect to future events or objectives and
financial or operational performance or results. The
forward-looking statements contained herein include statements
relating to the timing of the sale of PPG’s interest in the PFG
Fiber Glass joint ventures. Actual events may differ materially
from current expectations and are subject to a number of risks and
uncertainties, including the satisfaction of the conditions of the
transaction and other risks related to completion of the
transaction and actions related thereto; the parties’ ability to
complete the transaction on the anticipated terms and schedule,
including the ability to obtain regulatory approvals, and the other
risks and uncertainties discussed in PPG’s periodic reports on Form
10-K and Form 10-Q and its current reports on Form 8-K filed with
the Securities and Exchange Commission. Forward-looking statements
speak only as of the date of their initial issuance, and PPG does
not undertake any obligation to update or revise publicly any
forward-looking statement, whether as a result of new information,
future events or otherwise.
We protect and beautify the world is a trademark and the PPG
Logo is a registered trademark of PPG Industries Ohio, Inc.
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PPG Media Contact:Mark Silvey, +1 412-434-3046Corporate
Communicationssilvey@ppg.comorPPG Investor Contact:Scott
Minder, +1 412-434-3466Investor
Relationssminder@ppg.comwww.ppg.com/investor
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