Nippon Sheet Glass Co. (NSG) said it has completed its acquisition of UK glass maker Pilkington PLC, which becomes a member of the NSG Group and will change its name to Pilkington Group Ltd. Dealing i…
Nippon Sheet Glass Co. (NSG) said it has completed its acquisition of UK glass maker Pilkington PLC, which becomes a member of the NSG Group and will change its name to Pilkington Group Ltd. Dealing in Pilkington shares was suspended on the London Stock Exchange on 15 June 2006. In a statement, NSG said the acquisition means its group will have the largest share of the sheet glass market, with sales of about JPY 760 billion, based on the two firms“ combined sales in 2004. The group will have 36,000 employees worldwide. Nippon Sheet Glass now makes glass in 27 countries and sells it in 130. The Pilkington board, including chairman Sir Nigel Rudd, has stood down. In its place is a new board comprised of three executive directors from Pilkington and three non executives from NSG. The Pilkington representatives on the new board are Stuart Chambers, who continues as CEO, chief financial officer Iain Lough and Pat Zito, President of Pilkington Automotive. Stuart Chambers will also become a director of NSG. The company will release its earnings forecasts for the year to next March 2007, including those of Pilkington, on 6 July 2006.