PPG Industries has signed a letter of intent with Harsha Exito Engineering Private Ltd (India) to establish a 50-50 joint venture for the manufacture and sale of fibreglass reinforcement products. The transaction is subject to the completion of due diligence and the negotiation of definitive documentation. "Over the next few months, PPG and Harsha will be working to finalize a fibreglass joint venture in the Indian state of Tamil Nadu to primarily serve the Indian market," said Thomas P Kerr, PPG vice president, fibreglass. "We are encouraged by the prospect of continuing to expand PPG's global reach, particularly in emerging markets." According to Mr Kerr, the projected expansion of the Indian economy will help rive demand for fibreglass in such end use applications as infrastructure, transportation and wind energy. "PPG does not currently operate a fibreglass manufacturing facility in India, but we export fibreglass to the region to support our customers' operations there," he said.
