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July 30th, 2012

News from the glass and refractory worlds

Published on July 30th, 2012 | By: P. Carlo Ratto

Owens-Illinois has reported second quarter net sales of $1.766 billion in 2012, down from $1.959 billion in the prior year second quarter, primarily due to unfavourable foreign currency translation.

Corning Singapore Holdings is to build a $600 million site for the manufacture of TFT-LCD glass substrates in China. The Corning Inc. subsidiary has signed a deal with Samsung Display and the provincial government of Wuxi New District, to build the site in Jiangsu Province, China.

Libbey Inc. is to make 5 percent of its managerial, professional and administrative workforce worldwide redundant as part of a restructuring. It said it will attempt to strengthen and grow its business by changing its business strategy to one based on regional leadership, instead of a global leadership.

PPG Industries’ glass segment sales were $273 million for Q2 2012, down $1 million from the prior year. Higher flat-glass volumes were offset by lower pricing and the negative impact of foreign currency translation. Fiber glass pricing declined from previous levels, driven by reduced European and Asian demand.

RHI AG successfully completed the placement of a €130 million bonded loan on July 25, 2012. The Schuldscheindarlehen was placed in tranches with tenors ranging from three to ten years with Austrian, German and Eastern European investors. RHI will use the proceeds from the transaction to secure liquidity in the long term.


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