Asahi Glass Co Ltd will sell its fiberglass business to state-owned Development Bank of Japan and private equity fund Wise Partners for JPY 16 billion (USD 140 million) to better compete with Corning …
Asahi Glass Co Ltd will sell its fiberglass business to state-owned Development Bank of Japan and private equity fund Wise Partners for JPY 16 billion (USD 140 million) to better compete with Corning Inc. Japan“s biggest glass maker will sell off wholly-owned unit Asahi Fiber Glass Co. Ltd.“s core businesses and sell all shares in the operations to a vehicle set up by the DBJ and Tokyo-based Wise Partners, Asahi Glass said on 12 September 2007. Asahi Glass, the world“s second-biggest manufacturer of LCD glass substrates, has been selling off non-core operations in an attempt to catch up to Corning. The sale will boost Asahi Glass“s group net earnings by JPY 6-8 billion, it said. Sales at Asahi Fiber, which makes glass wool insulation and roofing materials for use mainly in Japan, totalled JPY 31.9 billion in calendar 2006, down 25% from the previous year. Asahi Glass will keep Asahi Fiber“s non-operating assets, including land and buildings, representing 8% of Asahi Fiber sales.