Joint Venture Formed For North American Wind Turbine Market
| in News Departments > FYI |
| Pittsburgh-based PPG Industries, a global supplier of glass, fiberglass and other products, and Norway-headquartered Devold AMT AS, a producer of reinforcement products, have signed a letter of intent to form a 50/50 joint venture called PPG-Devold to manufacture fiberglass reinforcement fabrics for the North American wind turbine market. According to the companies, the joint venture will manufacture stitched reinforcement fiberglass production lines at PPG's fiber glass plant in Shelby, N.C. "The PPG-Devold partnership will strengthen PPG's position as a major supplier of high-quality fiberglass products to the wind energy market," says Victoria M. Holt, PPG's senior vice president of glass and fiberglass. The transaction is expected to close by early 2007 and is subject to the negotiation and execution of definitive transaction documents, approval by the board of directors of Devold's parent company, Hexagon, and regulatory approvals. |
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