Page 17 - Glass Machinery Plants & Accessories no. 4/2017

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PPG

PPG TO DIVEST FIBER-

GLASS OPERATIONS TO

NIPPON ELECTRIC GLASS

PPG has announced energy, infrastructure
that it has reached a and consumer markets.
definitive agreement In 2016, PPG completed
to sell its remaining the sale of its European
fiberglass operations to fiberglass operations
Nippon Electric Glass to NEG and divested Since 1947, Henry F. Teichmann,
Co. Ltd. (NEG), a its ownership interests Inc. has grown and progressed
leading manufacturer of in two Asian fiberglass on the theme: “Satisfied clients
are our most important asset.”
fiberglass. joint ventures. PPG also
Our employees are practical,
The transaction is completed the sale of its
conscientious, and experienced
expected to close in the North American flat glass
in every phase of the glass
second half of 2017, business in 2016.
industry. As a result of our
subject to customary “We considered all of
clients’ successes, we have
closing conditions. Pre- the strategic alternatives
become recognized worldwide as
tax proceeds from the for the business and
one of the largest independent –
sale are approximately factored potential
Engineers and Contractors to the
USD 545 million, and impacts to stakeholders. Glass Industry.
are subject to customary We are pleased that
closing adjustments. these operations will The key to the success in turnkey projects is to
PPG’s remaining become part of NEG, seamlessly integrate ...
fiberglass operations a company that is
q Engineering q Procurement Services
include manufacturing focused on fiberglass as
q Construction Services q Project Management
facilities in Chester, a core business,” said
q Annealing Lehrs
South Carolina, and Michael H. McGarry,
Lexington and Shelby, PPG chairman and chief
North Carolina; executive officer. “This
and administrative transaction represents
and research-and- the end of PPG’s history
development as a manufacturer of
operations in Shelby and fiberglass and is the final
in Harmar, action in our disciplined,
Pennsylvania, near multiyear strategy to
Pittsburgh. divest non-core Annealing Lehr Manufacturer
The business, which businesses. E.W. Bowman, Inc. is now part of
Henry F. Teichmann, Inc.
employs more than Going forward, we will
1,000 people and continue to focus on
had net sales of growing our paints,
approximately USD 350 coatings and
million in 2016, supplies speciality materials
the transportation, businesses. I want to
personally thank our
fiberglass employees
for their contributions
and dedicated support
of PPG, and wish them Engineers and Contractors to the Glass Industry
well as they establish the
North American fiberglass 3009 Washington Road 8 McMurray, PA 15317-3202 8 USA
business of NEG.”
+1 724 941 9550

Fax: +1 724 941 3479 info@hft.com www.hft.com