Last checked at 23 Nov 2018 08:23
PRESS RELEASE
November 23, 2018
SAINT-GOBAIN SELLS PART OF ITS PIPE ACTIVITY IN CHINA
Saint-Gobain has finalized the sale of the entities of its Xuzhou site in China and its industrial and property assets to Nanjing Manyuan Technology Co.,Lt. (NMT) for approximately €200 million at current exchange rates. The transaction was approved by the Ministry of Commerce of the People's Republic of China (MOFCOM).
This site is one the Group's two Pipe manufacturing facilities in China, specialized in the production of ductile cast iron pipes and fittings. In 2017, its turnover amounted to approximately €250 million.
This operation is part of the divestment program announced by the Group at the end of July 2018. It is an integral part of the Pipe activity's worldwide plan to improve its competitiveness.
ABOUT SAINT-GOBAIN
Saint-Gobain designs, manufactures and distributes materials and solutions which are key ingredients in the wellbeing of each of us and the future of all. They can be found everywhere in our living places and our daily life: in buildings, transportation, infrastructure and in many industrial applications. They provide comfort, performance and safety while addressing the challenges of sustainable construction, resource efficiency and climate change.
€40.8 billion in sales in 2017
Operates in 67 countries
More than 179,000 employees
www.saint-gobain.com @saintgobain
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