Nippon Sheet Glass to Sell NH Techno Glass Stake, Exit LCD Glass Biz
February 29, 2008
Nippon Sheet Glass will quit the LCD (Liquid Crystal Display) glass substrate business by selling its entire stake, including debts, in a 50-50 joint venture NH Techno Glass to US-based Carlyle Group, in order to concentrate on its core profitable business. Value of the deal is estimated at between 100 billion Yen (US$954.1 million; US$1=104.8 Yen) and 150 billion Yen (US$1.4 billion), Jiji Press reported.
Established by Nippon Sheet Glass and optical glass maker Hoya in 1991, NH Techno Glass manufactures glass substrates for use in LCD TV panels, with production facilities located in Taiwan, Singapore, and Korea. According to the same report, Carlyle will buy also a small portion of Hoya's stake, but Hoya is expected to retain most of its stake in the joint venture. Hoya, however, declined to comment on this particular topic as of February 26. Further details of the deal are yet to be finalized.