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NSG shuts down two European float lines

Post Time:Nov 09,2012Classify:Industry NewsView:94

In an effort to reduce capacity to match customer demand, NSG Group announced it will shut down two architectural float lines in Europe at its Halmstad, Sweden, and Porto Marghera, Venice, Italy, facilities.

The closure of the line in Sweden will affect about 230 employees and is expected to take place at the end of March 2013, according to a Nov. 8 NSG release.The company estimates the total cost of closing the Swedish float line will reach about $81 million.The closure of the float line in Italy will affect about 140 employees. The furnace is currently in a “hot-hold” state, as announced in July. Company officials decided to discontinue the “hot-hold” and close the line due to “continued challenging conditions within the European architectural market,” according to the release. The closure will be effective January 2013, and is expected to cost about $20 million. The two line closures are not expected to change the Group’s outlook for the 2013 fiscal year, according to the release.

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Source: http://www.glassmagazine.com/news-item/commercial/nsg-closes-two-european-float-lines-1210522Author:

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