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Nippon Sheet Glass to acquire Nippon Muki stake

Japan“s Nippon Sheet Glass has said it intends to acquire a 33.3% holding in Nippon Muki from Hitachi Chemical Company by mid-December 2000. This would make Nippon Sheet Glass the largest shareholder…

Japan“s Nippon Sheet Glass has said it intends to acquire a 33.3% holding in Nippon Muki from Hitachi Chemical Company by mid-December 2000. This would make Nippon Sheet Glass the largest shareholder in Nippon Muki. The interest of Nippon Sheet Glass in strengthening its glass fibre operations coincided with Hitachi Chemical“s efforts to reorganize group operations. The Japanese glassmaker will acquire 7.61 million shares for an estimated JPY 3 billion (US$ 27.16 million). Nippon Muki uses glass fibre to make battery parts and filters for air cleaners. The company reported consolidated sales of JPY 19.6 billion for the year ended 31 March 2000. Nippon Sheet Glass sees the glass fibre business as a main focus for development and plans to double group glass fibre sales from the JPY 27 billion of fiscal 1999 to JPY 55 billion in fiscal 2004.

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