Aug 4 2010
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.