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7th September 2017, Pittsburgh, PA

PPG completes sale of fiberglass operations

NEG has acquired PPG’s manufacturing facilities in Chester, SC, and Lexington and Shelby, NC. PPG, a leading coatings company, has completed the sale of its remaining fiberglass operations to Nippon Electric Glass (NEG), a leading manufacturer of fiberglass. Pre-tax proceeds from the sale were around US$ 541 million, subject to customary post-closing adjustments.

NEG has acquired PPG’s manufacturing facilities in Chester, SC, and Lexington and Shelby, NC; and R&D and administrative operations in Shelby and in Harmar, PA, near Pittsburgh. The business, which employs more than 1,000 people and had net sales of around US$ 350 million in 2016, supplies the transportation, energy, infrastructure and consumer markets.

In 2016, PPG completed the sale of its European fiberglass operations to NEG and divested its ownership interests in two Asian fiberglass joint ventures. PPG also completed the sale of its North American flat glass business in 2016.

With the sale of this remaining piece of its Glass reportable segment, PPG is now comprised of two coatings-focused reportable business segments: Industrial Coatings and Performance Coatings.

www.ppg.com

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