Nippon Electric Glass (NEG) has concluded an investment and construction agreement with Nanjing Economic and Technological Development Zone in China, concerning the processing and sales of glass for flat panel displays. In addition, NEG will establish a fully-owned subsidiary in Nanjing, China, Electric Glass (Nanjing) Co., Ltd., which will come into being in March 2015 and start operating in the second quarter of 2016. Initial capital investmnent in the new plant is ¥5 billion ($43 million) and the company is expected to generate annual sales in fiscal 2017 of approximately ¥13 billion ($111.7 million).
NEG already operates two FPD glass processing plants in China, located in Shanghai and Guangzhou and plans to launch melting and forming operations in Xiamen in the latter half of this year. The company said that by establishing Electric Glass as its third processing base in China, NEG aims to boost its processing capacity and enhance production and supply in the Chinese market.
