Fuyao Glass's largest investment in the United States settled

On August 29th, 2014, the transfer of property rights between the Fuyao Glass Industry Group Co., Ltd. (hereinafter referred to as Fuyao Group) and the United States PPG Industry Corporation regarding the Mt. Zion Plant in Illinois, USA, was held at the headquarters of Fuyao Group in Fuqing City, Fujian Province. The move marks the start of the Fuyao Group’s US auto glass project. So far, Fuyao Group has invested more than US$400 million in U.S. auto glass projects and its supporting float glass projects, making it the largest investment in auto parts companies in the United States.

Previously, Fuyao Glass USA Co., Ltd., a wholly-owned subsidiary of Fuyao Group, had signed an agreement with PPG Corporation on July 17, 2014 to purchase US PPG's Mt. Zion plant in Illinois, USA, for US$56 million. Including land, factories, buildings, two float glass production line equipment, railway line assets and supporting facilities. After the transfer of assets, Fuyao America will upgrade and transform it into two auto-grade float glass production lines with an annual production capacity of 300,000 tons. The products will fully meet Fuyao’s American automotive glass production project in Ohio. Raw material requirements.

It is understood that Fuyao Group focuses on automotive glass production and is committed to building a "world-class automotive glass specialty supplier" brand. Automobile glass sales account for about 20% of the global market. Its 43 subsidiaries are located in 8 cities in the country and the United States, Japan, South Korea, Australia, Russia, and Germany. Fuyao Group started investing in the United States in 1995. Currently, it has small-scale supporting factories and service centers in Alabama and Michigan. In South Carolina, there are corresponding agencies serving the auto parts market. Currently, Fuyao Group exports nearly US$400 million to the United States and the United States.

Cao Dewang, chairman of Fuyao Group, said that with the continuous improvement of Fuyao's glass product recognition in the U.S. market, Fuyao's plan to achieve automotive glass production in the United States in 2016 has been implemented in advance. Fuyao Group's US auto glass production project will be put into production by the end of 2015. Cao Dewang introduced that although U.S. companies have higher costs such as wages and benefits, accounting for more than 40% of the total cost, U.S. manufacturing is only taxed, income tax is low, and energy prices are low. This is an investment in float glass. An encouragement, so Fuyao has the ability to realize the profitability of American automotive projects by strengthening cost management. Cao Dewang further expressed that Fuyao’s US auto glass project will become the second Fuyao China-sized company in the future.

According to the data, PPG is the world's leading paint and special materials company. Founded in 1983, PPG provides customers with platform support in the industrial, transportation, consumer goods, construction, and auto parts markets. It is an industry leader, with net sales of more than $15 billion in 2013. PPG started its cooperation with Fuyao Group 12 years ago with technology output. For the PPG to transfer the assets of the Mt.Zion plant to Fuyao, Cao Dewang said that this is PPG’s help and support for Fuyao’s investment in the United States. Richard Beuke, vice president of PPG Corporation of the United States, said that PPG and Fuyao have become old friends after 12 years of cooperation with Fuyao. PPG will further give full support to Fuyao in terms of technology, research and development, etc. It is believed that Fuyao can give Mt. Zion factory brings a beautiful future.

Lola Gulomova, deputy consul of the U.S. Consulate-General in Guangzhou at the property transfer ceremony, expressed his pleasure for Fuyao’s success in the United States. It is hoped that the cooperation between China and the United States can go a step further.

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