PPG has inked a deal for the sale of its European fibre glass operations to Nippon Electric Glass (NEG).
The transaction is subject to completion of employee consultation processes, receipt of regulatory clearances and other customary closing conditions.
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PPG and NEG expect to close the transaction in the second half of 2016. Financial terms were not disclosed.
PPG employs around 550 people in its European fibre glass operations, which include manufacturing facilities in Hoogezand, Netherlands, and Wigan, UK, as well as a research-and-development site in Hoogezand.
In 2015, sales for PPG's European fibre glass operations were US$150m. On completion of the transaction, PPG will continue to support the manufacturing operations with certain services, including bushing fabrication and engineering support.
PPG's European fibre glass business manufactures reinforcement materials for thermoset and thermoplastic composite applications. It serves the transportation, energy, infrastructure and consumer markets.
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By GlobalData"As part of NEG, these European fibre glass operations will continue to provide solutions in this industry," said PPG EVP, Viktor Sekmakas.
"On completion of the transaction, NEG will take ownership of a business in which PPG has consistently invested to drive innovation in fibre glass technology."
