Pilkington has doubled its stake in Chinese glassmaker Shanghai Yaohua Pilkington (SYP) as part of its strategy to stengthen its presence in South East Asia.
The glassmaker said it had paid UK 3.6 mi…
Pilkington has doubled its stake in Chinese glassmaker Shanghai Yaohua Pilkington (SYP) as part of its strategy to stengthen its presence in South East Asia. The glassmaker said it had paid UK 3.6 million to increase its share of the company from 8.35% to 16.7%, making Pilkington one of SYP“s main shareholders. Pilkington chief executive Paolo Scaroni said: “SYP is probably the most successful glass company in China, and has already been using Pilkington float technology. We have been closely involved with its creation and operation for 10 years and I welcome the closer association this increased shareholding represents.” SYP, which in 1993 became the first Chinese joint venture company to make a public share listing in Shanghai, operates two Pilkington-designed float plants and specializes in high-specification glass. Pilkington has been looking at the Chinese glass market for a number of years. It is now in the middle of a major restructuring programme and is looking to consolidate its global position by penetrating markets that have so far relied on smaller national companies. The company has already opened a new plant in Poland.