Acquisition
09 October 2003 - 6:28PM
UK Regulatory
RNS Number:7036Q
Compagnie de Saint-Gobain
09 October 2003
press release
Saint-Gobain Vitrage strengthens its presence in China
with the acquisition of a new float line
Saint-Gobain's Flat Glass Division (Saint-Gobain Vitrage) and its Korean partner
Hanglas proceeded on October 8, 2003 to the purchase of a float line located in
Qingdao (Shandong province) in North Eastern China.
This operation was carried out through a joint venture company held in majority
by Saint-Gobain Vitrage and Hanglas, and Luoyang the current owner of the float
line holding 10%.
Qingdao's geographic position is very favourable for the supply of the
North-Eastern Chinese market - including Beijing - as well as for exports.
Qingdao is China's third largest port and numerous daily connections with Korea
and Japan ensure a service of good quality towards these countries.
This operation is an important landmark in the partnership between Saint-Gobain
Vitrage and Hanglas associated for their mutual development in North-East Asia.
It strengthens both partners' presence in China, the largest market in the world
for the production of flat glass.
In Nanjing, Saint-Gobain Vitrage and Hanglas jointly own a float line, a
patterned glass line and are currently building a coating line the start up of
which is forecasted for the end of this year.
With this new operation in China, Saint-Gobain Vitrage and Hanglas will
strengthen their position as leaders in the production of high quality glass
intended for the building and automotive processing markets.
October 9, 2003
Investor Relations Department
Mme Florence TRIOU-TEIXEIRA Tel.: +33 1 47 62 45 19 -
mailto: florence.triou@saint-gobain.com
M. Alexandre ETUY Tel.: +33 1 47 62 37 15 -
mailto: alexandre.etuy@saint-gobain.com
Fax: +33 1 47 62 50 62
This information is provided by RNS
The company news service from the London Stock Exchange
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