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PPG has completed the sale of its remaining fiberglass operations to Nippon Electric Glass (NEG), a leading manufacturer of fiberglass.
Subject to customary post-closing adjustments, the sale was agreed at approximately US$541M.
NEG has acquired PPG’s manufacturing facilities in Chester, South Carolina, and Lexington and Shelby, North Carolina; as well as its R&D and administrative operations in Shelby and Harmar, Pennsylvania.
The business, which employs more than 1000 people and had net sales of approximately US$350M 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 business, PPG now comprises two coatings-focused reportable business segments: Industrial Coatings and Performance Coatings.
