PPG is now comprised of two coatings-focused reportable business segments: Industrial Coatings and Performance Coatings.
PPG (NYSE:PPG) today announced that it has completed the sale of its remaining fiberglass operations to Nippon Electric Glass Co. Ltd. (NEG), a leading manufacturer of fiberglass. Pre-tax proceeds from the sale were approximately $541 million, subject to customary post-closing adjustments.
NEG has acquired PPG’s manufacturing facilities in Chester, South Carolina, and Lexington and Shelby, North Carolina; and research-and-development and administrative operations in Shelby and in Harmar, Pennsylvania, near Pittsburgh. The business, which employs more than 1,000 people and had net sales of approximately $350