Nippon Sheet Glass Co said on 27 February 2008 it would aim to reduce the number of managers in Japan to help pay down debt assumed for its USD 4 billion acquisition of UK glassmaker Pilkington in 200…
Nippon Sheet Glass Co said on 27 February 2008 it would aim to reduce the number of managers in Japan to help pay down debt assumed for its USD 4 billion acquisition of UK glassmaker Pilkington in 2006. NSG said it would launch an early retirement scheme open to all 800 managerial positions in Japan, or roughly 28% of all employees in the country. The company said in a statement it was aiming to cut jobs in Japan because its operations are less profitable there than other countries, and it would aim to improve cash flow to reduce debt taken on for the Pilkington acquisition. Nippon Sheet spokesman Hiroya Tanaka said the last time the company made major cuts to its workforce was in 1993-94. Nippon Sheet has about 2,900 employees in Japan and 34,000 as a group worldwide. The company is reportedly also looking to sell its 50% stake in NH Techno Glass, a joint venture with Hoya Corp that makes glass used in the production of liquid crystal displays.