PPG reaches agreement with Nippon Electric Glass for sale of remaining fiberglass operations
PPG today announced that it has reached a definitive agreement to sell its remaining fiberglass operations to Nippon Electric Glass Co. Ltd. (NEG), a leading manufacturer of fiberglass. The transaction is expected to close in the second half of 2017, subject to customary closing conditions. Pre-tax proceeds from the sale are approximately $545 million, and are subject to customary closing adjustments.
PPG reports first quarter 2017 financial results
PPG today reported first quarter 2017 net sales of about $3.6 billion, up 1 percent versus the prior year. Net sales in local currencies grew nearly 3 percent year-over-year, aided by sales volume growth of 2 percent.
PPG reports fourth quarter and full-year 2016 financial results
PPG today reported fourth quarter 2016 net sales of $3.5 billion, down more than 1 percent versus the prior year. Sales in local currencies increased by more than 1 percent aided by sales volume growth approaching 2 percent year-over-year. The net impact from business portfolio actions contributed less than 1 percent to sales growth as acquisition-related sales increases modestly exceeded the absence of sales from the divested European fiber glass business. These aggregate net sales gains were more than offset by unfavorable foreign currency translation that reduced net sales by about 3 percent, or approximately $100 million.
PPG completes sale of its ownership interest in PFG Fiber Glass joint ventures
PPG today 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.
PPG reports third quarter 2016 financial results
PPG today reported third quarter 2016 net sales of $3.8 billion, up almost 2 percent versus the prior-year figure of $3.7 billion. Sales volumes grew 1.6 percent and acquisition-related sales contributed more than 2 percent, partly offset by a slight decline in selling prices. Unfavorable foreign currency translation impacted net sales by nearly 2 percent, or about $65 million.
PPG completes sale of European fiber glass operations to Nippon Electric Glass
PPG today announced that it has completed the sale of its European fiber glass operations to glass manufacturer Nippon Electric Glass Co. Ltd. (NEG). Financial terms were not disclosed.
PPG reaches agreement to divest its ownership interest in PFG fiber glass joint ventures
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.
PPG introduces INNOFIBER TS roving for sound absorption in mufflers
PPG has introduced INNOFIBER® TS 2402 direct-draw fiber glass roving, a new composition designed to optimize sound absorption through enhanced volumizing inside muffler cavities for automotive and industrial exhaust systems.
PPG introduces new TUFROV, HYBON and INNOFIBER products
PPG has added three new products to its established TUFROV®, HYBON® and INNOFIBER® fiber glass product lines.
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PPG to invest $20 million to upgrade Chester, South Carolina, fiber glass plant
PPG today announced that it is investing $20 million to upgrade its fiber glass manufacturing facility in Chester, South Carolina. The facility, which employs 150 people, manufactures direct-draw fiber glass products used in filament winding, pultrusion, long-fiber thermoplastics and wind energy applications.