PPG inks fiber glass JV in India

PPG Industries Inc. Latest from The Business Journals Pittsburgh-region CEOs make think tank's best-paid listWeek in Review: Pittsburgh 100, Heinz, PPGBayer, H.J. Heinz, PPG, Highmark among companies in the Culture of Innovation Collaboration Forum Follow this company .(NYSE: PPG) said Friday it has an agreement for a 50-50 joint venture in India, expanding the company's efforts for a broader footprint in emerging market.

Terms of the deal with Harsha Exito Engineering Private Limited (India) to make and sell fiberglass reinforcement products were not disclosed.

“Over the next several months, PPG and Harsha will be working to finalize a fiberglass joint venture in the Indian state of Tamil Nadu to primarily serve the Indian market,” said Thomas Kerr, PPG vice president, fiberglass, in a written statement. “We are encouraged by the prospect of continuing to expand PPG’s global reach, particularly in emerging markets.”

This would be PPG’s first fiberglass manufacturing plant in India. The company already exports fiber glass to that region, the company said.

The downtown-based chemicals, coatings and specialty materials manufacturer has consistently pointed to strength in emerging markets for the company’s strong financial performance. For the second quarter the company had record quarterly profit of $340 million, or $2.12 per share.

Earlier this month it purchased a Colombian coatings firm for an undisclosed price.