PPG Sells Flat Glass Division
PPG Sells Flat Glass Division
Flat glass didn’t factor into company’s long-term plans
PPG has been a leader in flat glass manufacturing for more than 130 years, but according to company officials, glass was not a strategic part of PPG’s future plans. Selling the glass division was a logical step.
According to officials, the companies had been in discussions regarding the sale of PPG’s glass division for a couple of years, but Vitro lacked the capital to make the purchase. Once Vitro sold its container division, it had enough capital to close the deal.
This is not the first time PPG has sold a major division. In 2008, the company spun off Pittsburgh Glass Works, its automotive business, to an auto parts maker. It also recently announced its planned divesture of its European fiberglass business.
For this sale, PPG wanted to find a buyer that was interested in making glass. According to Vitro, the company intends to keep PPG’s glass facilities and assets intact, and will employ all of PPG’s glass division 1,200 workers in the US and Canada. The sale includes PPG’s facilities in Fresno, CA; Salem, OR; Carlisle, PA; and Wichita Falls, TX, as well as the company’s Research and Development facility in Harmar, PA, and its assets in Canada.
PPG has moved heavily into glass coatings. Approximately 90% of its revenues came from paint and specialty coatings. Following this sale, more than 98% of the company’s revenues will be derived from paint and coatings.
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Photo Credit: Samuel Silva, via Flickr.com
