Nippon Sheet Glass Co has agreed to a share exchange transaction with China Glass Holdings Ltd. Under the terms of the agreement, NSG will acquire 100% control of Taicang Pilkington China Glass Special Glass Ltd in return for the sale to China Glass Holdings (CGH) part of the 40.14% stake owned by NSG Group in JV Investments Ltd. NSG has 2 joint ventures with CGH in which NSG currently has a 29.9% equity stake. One is a 50:50 jv based in Taicang, China, that is focused with manufacture and sale of low-iron rolled glass, used in the manufacture of crystalline silicon-based solar modules. The other jv, JV Investments Ltd, is with CGH & a private equity fund managed by Hony Capital. This jv, in which NSG Group has a 40.14% stake, has ownership interests in a number of float lines in China. It is managed by CGH & Hony Capital. See: www.nsggroup.net for more.
