21 May 1998: US-based PPG Industries and Belgium“s Glaverbel announced recently that Glaverbel has confirmed its intention to purchase PPG“s European flat and automotive glass business, based mainly…
21 May 1998: US-based PPG Industries and Belgium“s Glaverbel announced recently that Glaverbel has confirmed its intention to purchase PPG“s European flat and automotive glass business, based mainly in France and Italy. Terms were not disclosed. Final agreement is subject to due diligence, approvals of the governing bodies of the companies and regulatory authorities, and notification of works councils. The parties expect to complete the transaction by 30 June. PPG“s European glass business is mainly active in the flat and automotive glass sectors. It has four float glass production lines with a total capacity of 2,000 tonnes per day, facilities to produce windshields and tempered glass for more than two million automobiles per year, some processing activities and an architectural glass distribution network in France. Consolidated annual sales of the PPG business units are about US$ 450 million, and the company employs about 2,750 people. PPG announced in March its intention to sell its profitable glass business in Europe, citing its lack of scale.