June 22, 2017 | Announcements
GCA Advises Nippon Electric Glass Co., Ltd. on Its Acquisitions of PPG Industries, Inc.’s US and European Fiberglass Operations
We are pleased to announce that our client, Nippon Electric Glass Co., Ltd. (TSE: 5214), a manufacturer of specialty glass products headquartered in Otsu, Japan, has entered into a definitive agreement to acquire the US fiberglass operations of PPG Industries, Inc. (NYSE: PPG) for $545 million.
This follows Nippon Electric Glass’ acquisition of PPG’s European fiberglass operations in October 2016, on which GCA also advised.
Nippon Electric Glass is engaged in the manufacture and sale of specialty glass products. Its products include glass for flat panel displays, mobile devices, electronic devices, optical devices and glass fiber.
PPG’s US fiberglass operations primarily supply direct draw roving and chopped fibers to the transportation, energy and construction markets. PPG’s European fiberglass operations manufacture reinforcement materials for thermoset and thermoplastic composite applications in the transportation, energy, infrastructure and consumer markets.
This acquisition extends Nippon Electric Glass’ development capabilities for advanced composite materials and establishes its global supply base spanning across Japan, Malaysia, Europe, and the US.
The US transaction is subject to customary closing conditions and regulatory approvals and expected to close in Q3 2017.
GCA acted as exclusive financial advisor to Nippon Electric Glass in connection with these transactions.
This transaction is GCA’s 13th industrials and third Japan-US cross-border transaction since the start of 2017.
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