11 February 1999: US-based PPG Industries, North America“s largest producer of flat glass, said it doubled its stake to 50% in Mexican automotive glassmaker Cristal Laminado o Templado S.A. de C.V. (…
11 February 1999: US-based PPG Industries, North America“s largest producer of flat glass, said it doubled its stake to 50% in Mexican automotive glassmaker Cristal Laminado o Templado S.A. de C.V. (CLTSA). Terms of the deal were not disclosed. The Villasenor family will continue to own the remaining 50% of the company. Located in Tepeji del Rio, 30 miles north of Mexico City, the automotive glass manufacturer employs 300 people and plans to increase production this year, company officials said. Increased PPG ownership will accelerate CLTSA“s utilization of PPG“s various resources to pursue opportunities in the growing Mexican automotive industry, Ernest Hahn, PPG vice president of automotive glass, said in a statement. The Pittsburgh-based PPG is a global maker of fiber glass, coatings and chemicals. In January, it reported a 1998 year-end net income of US$ 801 million.