Fuyao Glass Industry Group has said it has been approached by several parties to acquire US auto glass assets, although China’s largest automotive glass maker, has said it has no interest in buying.
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The comments were made in an interview with Reuters on the sidelines of an entrepreneur forum today (24 October) by Cho Tak Wong, the company’s chairman.
“We have been approached for several deals lately, but we are no longer interested. I don’t think the Chinese can turn things around if the Americans themselves have given up amid such a sharp market downturn,” he said.
Cho added that his company had stopped investing in new capacity since the first half of the year and is warning that it may not meet its previous target of 40 to 50% net profit growth in 2008.
