1 October 1998: PPG Industries has completed the sale of its European flat and automotive glass business to Glaverbel SA of Brussels, Belgium.
Although terms were not disclosed, PPG Chairman and Chi…
1 October 1998: PPG Industries has completed the sale of its European flat and automotive glass business to Glaverbel SA of Brussels, Belgium. Although terms were not disclosed, PPG Chairman and Chief Executive Raymond W. LeBoeuf said last month the divestment would produce a pre-tax gain exceeding US$ 90 million. The business, operating largely in France and Italy, had annual sales of about US$ 450 million. PPG“s 1997 global glass segment sales were US$ 2.7 billion. LeBoeuf said the European unit was profitable, but fell short of strategic scale, growth and performance requirements. This divestment, and PPG“s pending exit from glass operations in China, which is beset by substantial industry over-capacity, will strengthen the company“s portfolio and focus glass business resources on profitable operations in North America, where PPG is the industry leader, LeBoeuf said in July.