Coatings specialist PPG has completed the sale of its 50% ownership interest in its two PFG Fiber Glass joint ventures (PFG) to Nan Ya Plastics Corp, which owned the other 50% interest. Nan Ya is affiliated with Taiwan-based Formosa Plastics Group. PPG received gross proceeds of approximately US$170 million from the transaction.

PFG was formed as an equally-held joint venture between PPG and Nan Ya in 1987, with a single production facility in Chia Yi, Taiwan. To meet growing demand, a second joint venture was formed to add a production facility in Kunshan, China, in 2001.

PFG supplies glass fiber reinforcement products for automotive applications.

This story is reprinted from material from PPGwith editorial changes made by Materials Today. The views expressed in this article do not necessarily represent those of Elsevier.