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MACHINIST - PPG to form fiber glass joint venture with Harsha Exito Engineering in India

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Home arrow News arrow Alliances and Joint Ventures arrow PPG to form fiber glass joint venture with Harsha Exito Engineering in India

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PPG to form fiber glass joint venture with Harsha Exito Engineering in India
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Written by Krishna Kumar   
Saturday, 27 August 2011

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Chennai: 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 fiber glass reinforcement products.

"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."

The transaction is subject to the completion of due diligence and the negotiation of definitive documentation. Financial information was not disclosed.

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.

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.

Last Updated ( Saturday, 27 August 2011 )
 
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