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The total investment by NSG Group in both projects is expected to be approximately 4.5 billion yen (approximately $52.5 million). NSG Group will initially acquire a 37.5% stake in the joint venture, a number that will subsequently increase to approximately 45% as the build of the new float line progresses. Accordingly, the joint venture will be accounted for as an affiliate using the equity method of accounting. Completion of the transaction is subject to a number of conditions, including appropriate regulatory approvals in China.
“China already accounts for approximately 50% of the global demand for flat glass, and the demand for energy-saving coated glass in China is experiencing rapid growth,” said Craig Naylor, NSG Group president and CEO. “We believe our world-leading online coating technology will enable us, in partnership with SYP, to gain rapid growth in market share in this sector. In addition, the online coating technology will open up new opportunities for growth in other sectors with value-added products.”
For more information, visit www.nsggroup.com.