LG Hausys, LG Group“s affiliate involved in industrial material manufacturing, has set up a joint venture with Interpane to manufacture energy-efficient glass.
According to LG, as per the agreement,…
LG Hausys, LG Group“s affiliate involved in industrial material manufacturing, has set up a joint venture with Interpane to manufacture energy-efficient glass. According to LG, as per the agreement, LG and German glass processing specialist Interpane will jointly invest KPW 100 billion (USD 84 million) by the end of 2011 to produce energy-intensive glass. LG will be the majority shareholder of the joint venture – which will take a shape as a corporate entity in September and begin production in 2012 – with an 80% stake, while Interpane will own the remaining 20%. According to LG, the main products coming from the venture will be low-E glass. The demand for low-E glass will spike in Korea as the government is applying energy-intensive policies amid green initiatives. Supply will be tight within the next two years, pushing us to form a united front for the sector, said the spokesman. LG Hausys aims to have KPW 150 billion in annual revenue by 2012 from glass business alone, and KPW 280 billion by the end of 2015. Hausys“ main products include polyvinyl chloride (PVC) windows, aluminium window frames, highly functional glass, flooring materials, wallpaper and artificial marble products.