PITTSBURGH--(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 Statements
Statements 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.
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