China Glass Holdings JV with NSG unit

Hong Kong-listed China Glass Holdings Ltd said it has entered into an agreement with Pilkington International Holdings BV for a joint venture in Jiangsu province, China.
The registered capital of the…

Hong Kong-listed China Glass Holdings Ltd said it has entered into an agreement with Pilkington International Holdings BV for a joint venture in Jiangsu province, China. The registered capital of the joint venture, which will be principally engaged in the production of low iron glass, will be USD 16.7 million, with both partners contributing an equal share, the company said in a statement. The total investment in the joint venture is expected to be USD 41.75 million. Pilkington International is wholly-owned by Nippon Sheet Glass Co Ltd of Japan. China Glass said the joint venture is a good opportunity for the company to develop and produce competitive low iron glass products. It said that products to be manufactured by the joint venture will be sold in Asia, Africa and North American markets and will broaden the company“s revenue base.