PG Industries (NYSE: PPG) had 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 fiber glass reinforcement products. The transaction is subject to the completion of due diligence and the negotiation of definitive documentation. Financial information was not disclosed.
“Over the next several months, PPG and Harsha will be working to finalize a fiber glass joint venture in the Indian state of Tamil Nadu to primarily serve the Indian market,” said Thomas P. Kerr, PPG vice president, fiber glass. “We are encouraged by the prospect of continuing to expand PPG's global reach, particularly in emerging markets.”PG Industries (NYSE: PPG) had 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 fiber glass #
According to Kerr, the projected expansion of the Indian economy will help drive demand for fiber glass in such end-use applications as infrastructure, transportation and wind energy.
“PPG does not currently operate a fiber glass manufacturing facility in India, but we export fiber glass to the region to support our customers' operations there,” Kerr said.
About PPG Industries
PPG Industries' vision is to continue to be the world's leading coatings and specialty products company. Through leadership in innovation, sustainability and color, PPG helps customers in industrial, transportation, consumer products, and construction markets and aftermarkets to enhance more surfaces in more ways than does any other company. Founded in 1883, PPG has global headquarters in Pittsburgh and operates in more than 60 countries around the world. Sales in 2010 were $13.4 billion. PPG shares are traded on the New York Stock Exchange (symbol: PPG).
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