PPG to form fiber glass joint venture with Harsha in India
PITTSBURGH, Aug. 26, 2011 – PPG Industries (NYSE: PPG) announced today that it 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. The transaction is subject to the completion of due diligence and the negotiation of definitive documentation. Financial information was not disclosed.
“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.”
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.
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PPG Industries' vision is to continue to be the world’s leading coatings and specialty products company. Through leadership in innovation, sustainability and color, PPG helps customers in industrial, transportation, consumer products, and construction markets and aftermarkets to enhance more surfaces in more ways than does any other company. 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 (symbol: PPG). For more information, visit www.ppg.com.
Statements in this news release relating to matters that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 reflecting the company’s current view with respect to future events or objectives and financial or operational performance or results. The forward-looking statements contained herein include statements related to the completion of the transaction and the growth in fiber glass demand in India. Actual events may differ materially from current expectations and are subject to a number of risks and uncertainties, including the failure to execute definitive documentation to establish the joint venture, slower than expected fiber glass demand growth in India and the other risks and uncertainties discussed in PPG Industries’ periodic reports on Form 10-K and Form 10-Q, and its current reports on Form 8-K filed with the Securities and Exchange Commission. Forward-looking statements speak only as of the date of their initial issuance, and PPG Industries does not undertake any obligation to update or revise publicly any forward-looking statement, whether as a result of new information, future events or otherwise.
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