Saint-Gobain acquires Chinese glass wool producer

France“s Saint-Gobain has acquired Chinese glass wool producer Guan HongYuan Glass Wool Products Co., located in Guan county, Hebei province, northern China, for an undisclosed sum. The purchase cont…

France“s Saint-Gobain has acquired Chinese glass wool producer Guan HongYuan Glass Wool Products Co., located in Guan county, Hebei province, northern China, for an undisclosed sum. The purchase contract was signed on 29 March 2004. Saint-Gobain plans to develop the largest wholly foreign-owned glass wool production base in northern China. Guan HongYuan is a large-scale private enterprise which enjoys the support of the provincial and local government. Saint-Gobain will invest USD 132 million (EUR 107.9 million) to develop glass wool production at Guan HongYuan. The annual output is expected to reach 100,000 tonnes. The annual sales revenue of the plant is expected to total CNY 800 million (USD 96.6 million/EUR 79 million).