Acquisition of Pilkington Completed
Pilkington plc and Nippon Sheet Glass Co, Ltd. (NSG) issued a statement
to the London Stock Exchange at 8 a.m. London time today confirming
that the acquisition of Pilkington by NSG has been completed and
that Pilkington is now a member of the NSG Group. Pilkington shareholders
are due to receive 165 pence per share, to be paid by 30 June 2006.
Under the terms of the acquisition, Pilkington remains the primary
brand name and logo for the new Flat Glass business. No disruption
to operations worldwide is expected and the current Pilkington management
will continue to run the Pilkington business.
Given the lack of overlap between Pilkington and NSG, there should
be minimal need for any job cuts as a direct result of the acquisition.
NSG has confirmed that all existing employment rights of Pilkington
employees, including pension rights, will be fully safeguarded.
"NSG with Pilkington produces a world leader of scale in the
global Flat Glass industry. Employing 36,000 people, the enlarged
company will have annual sales of around £4 billion, manufacturing
operations in 26 countries and sales in over 130, with ownership
or interests in 50 float glass manufacturing lines worldwide and
a widened Automotive customer base," said Yozo Izuhara, chairman
and chief executive officer of NSG, commenting on the acquisition.
"I am excited about Pilkington's future as part of the NSG
Group. The new combined company is a global leader in glass. Our
joint technological strength, innovation and global reach mean we
are well placed to grow profitably and to service and develop our
customer base in all major markets worldwide," said Stuart
Chambers, group chief executive of Pilkington.