Republic to Bow Out of Glass Making
May 30, 2001
Republic Glass Holdings of the Philippines said recently it would sell its stake in a joint venture with Asahi Glass Co Ltd as part of a plan to bow out of glass making. It said the Philippines' commitments to the World Trade Organization (WTO) meant the future of the company as a glass maker, even with 83% of the national market, was unviable and it would need to migrate to another business base. Republic plans to sell its stake in the Japanese joint venture to its partner, Asahi. It will sign an agreement in two weeks.