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PPG’s decision to withdraw, announced in late 1997, was attributed to inadequate revenues resulting from China’s excessive industry-wide glass production capacity.
Frank A. Archinaco, executive vice president, said disposal of PPG’s Chinese glass interests, as well as the 1998 sale of European flat and automotive glass operations, “were strategic decisions that enable us to better utilize resources for our vigorous glass business in North America.”
Through Hong Kong joint venture Pennvasia Ltd., which Archinaco said will be dissolved, Asahi and PPG each owned 30% of Dalian Float Glass Co. and Beijing Pennvasia Glass Co. Also through Pennvasia, PPG and Asahi each held 26% interests in Qinhuangdao Haiyan Safety Glass Co. Pennvasia’s 50% interest in Guangdong Float Glass (GFG) was sold to Goodland Enterprises, Inc., a Hong Kong-registered company formed by three of GFG’s original Chinese partners.