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PPG Finalizes Last Fiberglass Sale

Thursday, September 7, 2017

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PPG Industries (Pittsburgh) has finalized the sale of its last remaining fiberglass business, the company announced Tuesday (Sept. 5), leaving the manufacturer to concentrate solely on coatings.

The remaining North American fiberglass operations were sold to Nippon Electric Glass Co. Ltd. for $541 million. The sale was first announced at the end of May at a projected $545 million.

PPG Place
© iStock.com / JoeCollver

Global coatings giant PPG Industries announced Tuesday that the sale of its remaining fiberglass operations is complete.

In the deal, NEG acquired PPG’s manufacturing facilities in Chester, South Carolina, as well as Lexington and Shelby, North Carolina. It also acquired research and development operations in Shelby and Harmar, Pennsylvania.

“We are pleased that these operations will become part of NEG, a company that is focused on (fiberglass) as a core business,” said Michael H. McGarry, PPG chairman and chief executive officer, when the deal was announced.

“This transaction represents the end of PPG’s history as a manufacturer of (fiberglass) and is the final action in our disciplined, multiyear strategy to divest non-core businesses.”

The business segment employs 1,000 people and had net sales of approximately $350 million in 2016.

Exiting the Glass Business

In the past year, PPG accelerated its exit from the glass business where the company got its start. The company:

PPG

“We are pleased that these operations will become part of NEG, a company that is focused on (fiberglass) as a core business,” said Michael H. McGarry, PPG chairman and chief executive officer, when the deal was announced.

In 2016, glass represented $481 million in net sales for PPG, about 3.25 percent of the company’s total net sales on the year.

The newly finalized deal marks the end of PPG’s involvement in glass entirely. PPG is now comprised of two coatings-focused business segments: Industrial Coatings and Performance Coatings.

“Going forward, we will continue to focus on growing our paints, coatings and specialty materials businesses,” McGarry said.

“I want to personally thank our (fiberglass) employees for their contributions and dedicated support of PPG, and wish them well as they establish the North American (fiberglass) business of NEG."

   

Tagged categories: Acquisitions; Business matters; Fiberglass; Glass; PPG

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