Nippon Sheet Glass doubles Pilkington stake

Nippon Sheet Glass, the Japanese glass manufacturer, has confirmed that it has spent US$ 200 million to double its stake in its rival Pilkington, but said it would stop short of taking over the UK com…

Nippon Sheet Glass, the Japanese glass manufacturer, has confirmed that it has spent US$ 200 million to double its stake in its rival Pilkington, but said it would stop short of taking over the UK company. Nippon has just recently increased its stake from 10% to 21%, in a move aimed at boosting ties between the companies. Paolo Scaroni, group chief executive of Pilkington, said the transaction was “a vote of confidence” in Pilkington and built on a “long and cooperative relationship”. The firms are expected to share research and development as a result of the deal, in an attempt to cut costs and raise manufacturing efficiency. Pilkington will also be able to sell automotive sheet glass to Japanese carmakers“ overseas plants, while Nippon will gain greater access to European and US markets.