PPG Industries has signed a letter of intent with Harsha Exito Engineering Private Limited (India) to establish a 50-50 joint venture for the manufacture and sale of fiberglass reinforcement products….
PPG Industries has signed a letter of intent with Harsha Exito Engineering Private Limited (India) to establish a 50-50 joint venture for the manufacture and sale of fiberglass reinforcement products. The transaction is subject to the completion of due diligence and the negotiation of definitive documentation. Over the next several months, PPG and Harsha will be working to finalize a fiberglass joint venture in the Indian state of Tamil Nadu to primarily serve the Indian market, said Thomas P. Kerr, PPG vice president, fiberglass. We are encouraged by the prospect of continuing to expand PPG“s global reach, particularly in emerging markets. According to Kerr, the projected expansion of the Indian economy will help drive demand for fiberglass in such end-use applications as infrastructure, transportation and wind energy. PPG does not currently operate a fiberglass manufacturing facility in India, but we export fiberglass to the region to support our customers“ operations there, Kerr said.