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UK: Japanese Central Glass sets up chemical subsidiary

Japanese flat and fiber glass maker Central Glass Co has set up a wholly-owned subsidiary in the UK to deal primarily with fluorine compounds, used as a raw material in medical supplies, agricultural …

Japanese flat and fiber glass maker Central Glass Co has set up a wholly-owned subsidiary in the UK to deal primarily with fluorine compounds, used as a raw material in medical supplies, agricultural chemicals and electronic materials, the company said on 1 September 2003. The newly-formed subsidiary, Central Glass Europe Ltd, is based in Stockport, north west England. At the same time, Central Glass said it would take a 33.3% stake in the UK fluorine compound-based chemical products manufacturer and trader Apollo Scientific Ltd for an undisclosed sum. The fine chemical business of Central Glass is expected to post JPY 28 billion (USD 239.9 million/EUR 218.4 million) annual sales in fiscal 2003/04, ending March 2004, and JPY 40 billion (USD 342.7 million/EUR 312 million) more over the next few years, the managing director, Negishi said. Central Glass, founded in 1936, is now listed on the first sections of the Tokyo and Osaka Stock Exchanges, as well as at the Fukuoka Stock Exchange. Its business operations include flat glass, processed glass and building materials, soda, chlorine, organic and inorganic fluorine compounds and fertilisers, as well as glass fiber products and vinyl chloride. Central Glass is also planning to start development of a thin, high-strength glass material for use in plasma display panels (PDPs). The development period will commence in October 2003 and will finish at the end of the fiscal 2005/06. The cost of development is estimated at around JPY 1.0 billion yen (USD 8.5 million/EUR 7.8 million).

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