NSG Q3 Profits Down; Company to Lay Off 3,500
February 2, 2012

Nippon Sheet Glass of Japan released its third quarter results today. Deteriorating market conditions during third quarter impacted operating results, and revenue totaled $5.5 billion USD (420.78 billion yen) compared with $5.7 billion USD in the prior-year quarter. Specialty Glass markets softened with revenue of $600.2 million USD compared to 47.1 billion yen in the prior year quarter.

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To improve the profitability of the company, the board of NSG has approved a program of actions to realign its global manufacturing sites, to reduce capacity and to reduce headcount.

The company will stop production at one of its float lines in the United Kingdom. This follows the announcement on December 15, 2011, to delay the construction of a solar energy line in Vietnam. Further actions will be announced once due process has been followed with employees and unions affected.

As part of its cost reduction plan, the company is targeting a reduction of 3,500 employees in its global headcount. A significant part of this reduction will come from overheads; management and staff.

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