Saint-Gobain to set up JV with South Korean Hyundai Heavy Industries

(ADPnews) - Oct 12, 2010 - French building materials group Saint-Gobain (EPA:SGO) said on Monday it would set up a 50/50 joint venture, named Hyundai Avancis, with South Korean sector group Hyundai Heavy Industries (SEO:009540).
The two groups will invest around USD 200 million (EUR 144m) to build together a photovoltaic panels plant in South Korea with an estimated production capacity of 100 MW per year. The facility will become operational in the second quarter of 2012 and will serve the global market.
According to Pierre-Andre de Chalendar, CEO of Saint-Gobain, with the current investment the company will significantly accelerate its growth on the solar market.
Today in Paris, shares in Saint-Gobain had edged down 1.47% to EUR 33.505 at 1040 CET.

(EUR 1.0 = USD 1.387)

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