PPG Industries (PPG) Announces Completion of Fiber Glass JVs Sale
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PPG (NYSE: PPG) announced that it has completed the sale of its 50 percent ownership interest in its two PFG Fiber Glass joint ventures (PFG) to Nan Ya Plastics Corp., which owned the other 50 percent interest. Nan Ya is affiliated with Taiwan-based Formosa Plastics Group. PPG received gross proceeds of approximately $170 million from the transaction.
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.
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