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Agency / Source: PPG Industries, Inc.

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PPG Reaches Agreement to Divest its Ownership Interest in PFG Fiber Glass Joint Ventures - PPG 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
PPG Reaches Agreement to Divest its Ownership Interest in PFG Fiber Glass Joint Ventures

 

PRZOOM - /newswire/ - Pittsburgh, PA, United States, 2016/09/22 - PPG 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. NYSE: PPG

   
 
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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 (fpg.com) 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 (ppg.com), 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.

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.

We protect and beautify the world is a trademark and the PPG Logo is a registered trademark of PPG Industries Ohio, Inc.

Contact: Scott Minder - Investor Relations
P: +1 412-434-3466 - E: sminder[.]ppg.com.

 
 
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Agency / Source: PPG Industries, Inc.

 
 

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PPG Reaches Agreement to Divest its Ownership Interest in PFG Fiber Glass Joint Ventures

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PPG | PFG Fiber Glass
Contact: Mark Silvey - PPG Corporate Communications 
412-434-3046 silvey[.]ppg.com
 
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IMPORTANT INFORMATION: Issuance, publication or distribution of this press release in certain jurisdictions could be subject to restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with the applicable rules and regulations in the particular jurisdiction. This press release does not constitute an offer or an offering to acquire or subscribe for any PPG Industries, Inc. securities in any jurisdiction including any other companies listed or named in this release.

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