In a move designed to shift operations toward coated glass, PPG Industries announced it has agreed to sell its Mt. Zion, Ill., glass manufacturing facility.
PPG will sell the facility and all of its assets to Chinese automotive manufacturer Fuyao Glass America Inc. The sale is expected to close in the third quarter of the fiscal year and is subject to closing conditions. The terms of the deal were not disclosed.
In a news release, PPG vice president of flat glass Richard Beuke said the sale was part of a strategic initiative to focus on the company's high-tech coated glass operations.
"Glass coatings technology remains the engine of our growth and we plan to make incremental technology investments in our facilities to improve our current capability for better performing, low e-glass and to expand our overall technical capabilities for newer, more advanced products," he said.
First Published July 18, 2014 12:00 AM