Luoyang Glass to invest in joint venture

Float sheet glass maker Luoyang Glass Co Ltd said on 2 April that it was transferring assets worth about US $11.4 million into a joint venture it has formed with its controlling shareholder. Luoyang G…

Float sheet glass maker Luoyang Glass Co Ltd said on 2 April that it was transferring assets worth about US $11.4 million into a joint venture it has formed with its controlling shareholder. Luoyang Glass said in a statement that it would hold 49.09% of the registered capital of of the joint venture while China Luoyang Float Glass (Group) Co. Ltd. will hold the rest. The assets to be transferred include machinery and equipment. The joint venture, called China Luoyang Float Glass (Group) Processed Glass Co Ltd, will focus on making processed glass, which will provide higher returns on lower investment than raw glass, Luoyang Glass said.