Glaverbel has confirmed its intention to purchase PPG's European flat and automotive glass business which is located mainly in France and Italy. Terms have not been disclosed by the companies. Final agreement is subject to approval but the parites expect the move to be completed by 30 June. PPG's European glass business is mainly active int he flat and automotive glass sectors. The group has four float lines which have a production capacity of 2000 tons/day. It also has facilities for the production of windscreens and toughened glass for more than two million cars/year; some processing activities andan architectural glass distribution network in France. PPG announced its intention to divest its European glass business earlier this year, after concluding that id did not meet the group's strategic requirements for growth, scale and performance. (whole item)
