European Commission - Daily News
Brussels, 18 May 2016
The European Commission has approved, under the EU Merger Regulation, the proposed creation of a joint venture by Compagnie de Saint-Gobain S.A. and Corning Incorporated.
Saint-Gobain manufactures flat glass and is active in three main business sectors: (i) innovative materials, which includes glass and high-performance materials; (ii) construction products, which includes insulation, gypsum, exterior products, pipe systems and industrial mortars, and (iii) the retail of building materials, primarily for professional customers. Corning produces speciality glass, ceramics and optical physics for use in a wide range of industries.
The joint venture will focus on the development, manufacture and commercialisation of new laminated lightweight automotive glazing solutions. The new laminated lightweight automotive glazing solutions will incorporate soda-lime glass (traditional glass used in the automotive industry), manufactured by Saint-Gobain, and at least one layer of thin aluminosilicate glass ("TAG"), a specialty glass manufactured by Corning.
The Commission concluded that the proposed transaction would raise no competition concerns, because the joint venture will remain subject to competition from a number of credible suppliers of TAG and alternative technical solutions to that of the joint venture will likely be developed and produced by other market participants. The transaction was examined under the normal merger review procedure. More information is available on the Commission's competition website, in the public case register under the case number M.7941.
(For more information: Ricardo Cardoso – Tel.: +32 229 80100; Giulia Komel – Tel.: +32 229 61175)
Source: Europa.eu (Copyright European Commission)