Nippon Electric Glass purchases fiberglass business from PPG

PPG Industries Inc. reported completing the sale of its fiberglass operations to focus on paints and industrial coatings

Nippon Electric Glass, based in Japan, has acquired facilities in Chester, South Carolina, and Lexington and Shelby, North Carolina; and research-and-development and administrative operations in Shelby and Harmar, Pennsylvania. The newly acquired fiberglass business employs more than 1,000 people and had sales of about 350 million USD in 2016. It supplies the transportation, energy, infrastructure and consumer markets.

Speaking on the sale, PPG said proceeds were approximately 541 million USD pretax. Last year the company sold its European fiberglass business, stakes in two Asian fiberglass joint ventures and its North American flat glass business. Its key focus is now on paints and industrial coatings.