Report: PPG May Sell Flat Glass Business to Mexican Manufacturer

July 18th, 2016 by Editor

PPG may be in negotiations to sell its flat glass business to Vitro, a Mexico-based flat glass manufacturer, according to a report by the Pittsburgh Post-Gazette.

The newspaper says it obtained an independent auditor’s report that mentions a possible sale. In response to DWM’s request for comment, PPG senior manager of corporate and government affairs Mark Silvey said “PPG does not comment on market rumors or speculation.” A representative from Vitro declined to comment as well.

According to Going Concern, a website focused on news from the accounting industry, PricewaterhouseCoopers is the independent auditor. PPG is scheduled to present its second-quarter earnings report before the markets open on Thursday, so it’s possible that news about a sale to Vitro could be revealed around that time.

PPG has put a focus on coatings in recent years, having acquired Comex in late 2014 and multiple other businesses in the sector since.

Meanwhile, the company sold its Mount Zion, Ill., flat glass manufacturing facility in mid-2014 and sold its 40-percent share in Pittsburgh Glass Works to LKQ Corp. earlier this year.

PPG has flat glass manufacturing facilities in Carlisle, Pa., Fresno, Calif., and Wichita Falls, Texas. It also has a glass fabrication facility in Salem, Ore., and four more in Canada.

According to the company’s 2015 financial overview, coatings make up 93 percent of its net sales. Its glass segment reported $1.09 billion in net sales in 2015.

Vitro, the largest glass manufacturer in Mexico, reported $882 million in sales last year.

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