PPG plans to invest $20 million to make Shelby, N.C., fiber glass plant more competitive PITTSBURGH, March 10, 2006
– PPG Industries plans to invest $20 million during the next three years to make the company's Shelby, N.C., fiber glass plant "more competitive," said Victoria M. Holt, senior vice president, glass and fiber glass.
Holt said engineering work has already begun to transform Shelby's largest furnace, enabling it to produce direct products manufactured with world-leading technology while being cost-competitive on a regional basis.
When the transformation is complete, the rebuilt furnace at Shelby will be positioned to produce wet chop, direct chop, remote wet chop and direct draw products, which are used in blades for wind-energy turbines, pipes, tanks, roofing shingles, automotive parts and other applications. Other products currently produced at Shelby will be sourced from PPG global manufacturing operations to serve the existing domestic fiber glass market.
"Our investment in Shelby demonstrates PPG's commitment to our U.S. manufacturing operations and the global fiber glass industry," Holt said.
PPG is one of the world's largest producers of continuous-strand fiber glass, with nine manufacturing facilities worldwide, focused primarily on the global electronics, thermoplastics and general industrial markets. With 2005 sales of $10.2 billion, Pittsburgh-based PPG is also a leading global supplier of coatings, glass and chemicals.
—22809— Forward-Looking Statement
Statements in this news release relating to matters that are not historical facts are forward-looking statements reflecting the company's current view with respect to future events and financial performance. These matters involve risks and uncertainties that could affect the company's operations, as discussed in PPG Industries' periodic reports on Form 10-K and Form 10-Q filed with the Securities and Exchange Commission. Accordingly, many factors could cause actual results to differ materially from the company's forward-looking statements.
Among these factors are increasing price and product competition by foreign and domestic competitors, fluctuations in cost and availability of raw materials, the ability to maintain favorable supplier relationships and arrangements, economic and political conditions in international markets, the ability to penetrate existing, developing and emerging foreign and domestic markets, which also depends on economic and political conditions, foreign exchange rates and fluctuations in those rates, and the unpredictability of possible future litigation, including litigation that could result if the asbestos settlement discussed in PPG's reports filed with the Securities and Exchange Commission does not become effective. Further, it is not possible to predict or identify all such factors. Consequently, while the list of factors presented here is considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements.
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