Business Briefs: PPG sells fiberglass business to Nippon

Business Briefs: PPG sells fiberglass business to Nippon

September 6th, 2017 by Staff and Wire Reports in Business Around the Region

PPG sells fiberglass business to Nippon

PPG Industries Inc. has completed the sale of its fiberglass operations to Nippon Electric Glass Co.

The maker of industrial products said Tuesday proceeds were about $541 million pretax. Last year the company, which was founded in 1883 as Pittsburgh Plate Glass, sold its European fiberglass business, stakes in two Asian fiberglass joint ventures and its North American flat glass business.

Its key focus is now on paints and industrial coatings.

Nippon Electric Glass, based in Japan, gained facilities in Chester, South Carolina, and Lexington and Shelby, North Carolina; and research-and-development and administrative operations in Shelby and Harmar, Pennsylvania. The acquired business employs more than 1,000 people and had sales of about $350 million in 2016. It supplies the transportation, energy, infrastructure and consumer markets.

 

Tyson adds 1,600 jobs at Kansas chicken plant

Tyson Foods Inc. will invest $320 million in a new chicken-processing plant in northeastern Kansas employing 1,600 people so that it can keep up with a growing consumer demand for fresh poultry, the company and state officials announced Tuesday.

The Smithfield, Arkansas-based meat-producer unveiled its plans during a news conference in Tonganoxie with Gov. Sam Brownback and other state and local officials. The company plans to build the plant outside the town of about 5,300 residents about 30 miles (48 kilometers) west of Kansas City and expects it to be open in mid-2019.

The company plans to buy a 300-acre site and also build a hatchery and feed mill. It expects to break ground on the project this fall.

The plant will be able to process 1.25 million birds a week, and the company plans to contract with local farmers.

 

Boeing, Airbus object to United, Rockwell deal

Airplane makers Boeing and Airbus raised concerns Tuesday about the proposed tie-up of industrial company United Technologies and aerospace parts maker Rockwell Collins, saying that the deal could raise costs or slow the production of planes.

Boeing and Airbus both buy equipment from United Tech and Rockwell Collins. The comments from the two companies came a day after United Tech announced plans to buy Rockwell Collins for about $22.75 billion. The deal would create an aerospace giant that makes plane seats, landing systems and flight control decks for commercial and military planes.

 

Lego looks wobbly after building growth

Danish toy maker Lego will cut 1,400 jobs, or about eight percent of its global workforce, after reporting a rare decline in sales and profits in the first half of 2017.

The privately held firm said Tuesday that it "now prepares to reset the company" as it prepares for a new CEO to take over in October who will have the task of simplifying the business after years of high growth and expansion into new ventures like film.

 

Factory orders tumble 3.3 percent

Orders at U.S. factories tumbled in July, dragged down by a sharp fall in orders for civilian aircraft.

The Commerce Departments reports that factory orders declined 3.3 percent in July, mostly because of a 19.2 percent drop in orders in transportation equipment.