9 April 1998: The American group PPG Industries, manufacturer of coatings, chemicals, and fibre-glass, has placed up for sale PPG Glass Europe, its flat and automotive glass interests in Europe (based…
9 April 1998: The American group PPG Industries, manufacturer of coatings, chemicals, and fibre-glass, has placed up for sale PPG Glass Europe, its flat and automotive glass interests in Europe (based in France and Italy), where it is number four with a production capacity of 2,300 tonnes of glass a day (or 10% of the market). The European branch has an annual turnover of US$ 450 million and a workforce of 2,750. Among the potential buyers, is the Belgian company Glaverbel, the subsidiary of Japan“s Asahi Glass. PPG Industries reported a 1997 global turnover of US$ 7.4 billion. The company said the operations were profitable and had made efficiency improvements. “Our glass business in Europe is profitable,” ” chief executive officer Raymond LeBoeuf said. “However, because it is not a major force in the region“s highly competitive glass industry and long-term performance has been inconsistent, we had to conclude it does not meet our current strategic requirements,” LeBoeuf said. PPG“s Italian subsidiary Ampaspace, a producer of aircraft transparencies, will not be divested, the company said.