PPG sells unpromising assets

PPG Industries Company completed the sale of substantially all the assets of the plant for the production of float glass in Illinois (USA). The new owner of the business has become a manufacturer of glass for cars Fuyao Glass America. Financial terms of the transaction were not disclosed.

According to the manual Fuyao, the company plans to restructure and modernize the plant. In particular, the two lines of production of automotive glass. PPG will continue to manufacture products - glass with a protective coating and Sungate regular glass - within a year.

Abandonment of assets corresponded to the strategy of Illinois PPG: the company decided to concentrate on the production capabilities of high-tech glass with a protective coating on the increase in sales in the markets residential and commercial construction.

Plant in Illinois was built in 1959. In 1978 it was converted into a company, which produces flat glass.