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PPG to Form Fiber Glass Joint Venture in India

6:28 AM MDT | August 26, 2011 | Deepti Ramesh

PPG Industries says it has signed a letter of intent with Harsha Exito Engineering (Chennai, India) to establish a 50-50 joint venture for the manufacture and sale of fiber glass reinforcement products. The jv aims to build a manufacturing site in the state of Tamil Nadu, India. Financial details of the deal were not disclosed. The transaction is subject to the completion of due diligence and the negotiation of definitive documentation, PPG says. The projected expansion of the Indian economy will help drive demand for fiber glass in end-use applications such as...

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