Pittsburgh Glass Works (PGW) and Xinyi Automobile Parts (Wuhu) Co. Ltd. to Explore Joint Venture to Supply Automotive Glass
PITTSBURGH, Aug. 3 /PRNewswire/ -- PGW LLC, a Delaware limited liability company, and Xinyi Automobile Parts (Wuhu) Co. Ltd. have entered into discussions relating to the potential formation of a joint venture company, or other cooperative effort.
The effort could result in the manufacture of automotive glass products to serve automotive manufacturers in China and for the export of such products from China to global OEM markets.
As a subsidiary of Xinyi Glass Holdings Ltd., Xinyi Automobile Parts supplies windshields, accessories and glass moldings. Along with PGW, a world leading supplier of automotive glass and services, the parties have an existing relationship, which includes the supply of automotive replacement glass in global markets. The companies now wish to explore expanding their relationship into new areas.
"We at PGW are excited about the prospects of a closer partnership with Xinyi and look forward to a mutually rewarding outcome of our discussions," said James D. Wiggins, Chairman and CEO of PGW.
PGW and Xinyi are establishing a joint task force with the intent of concluding preparatory work regarding the possible venture on or before December 31, 2010.
About Xinyi Glass Holdings Ltd.
Xinyi Glass Holdings Limited (Xinyi Glass) was founded in 1988. It has more than 10000 staff members, and is one of the main manufacturers in the global glass industry. Xinyi Glass is committed to providing products, services and solutions that meet the customers' needs and can create long-term value for and facilitate growth of customers and business partners.
About Xinyi Automobile Parts (Wuhu) Co. Ltd.
Xinyi Wuhu is located in the Wuhu Economical Development Zone. The company has produced high quality auto-glass for China automakers since 2005.
About Pittsburgh Glass Works
Pittsburgh Glass Works (PGW) supplies automotive OEM windshields, rear and side windows, sunroofs and assemblies for auto and truck manufacturers, and it supplies and distributes replacement automotive glass products for use in the aftermarket. It also provides insurance claims services through its LYNX Services subsidiary, glass management software and internet marketing services through its GTS subsidiary, and e-business solutions through its GLAXIS offering.
Automotive glass products are manufactured and fabricated in six North American plants located in: Berea, Ky.; Creighton, Meadville and Tipton, Pa.; Crestline Ohio; Evansville, Ind.; and a joint venture facility in Tepeji del Rio, Mexico. In addition seven satellite parts assembly plants are located throughout North America and Europe, and two LYNX Services claims management call centers in Ft. Myers, Fla. and Paducah, Ky.