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NSG aims to cut jobs to pay Pilkington debt

Post Time:Nov 12,2013Classify:Industry NewsView:104

Officials from Japan’s Nippon Sheet Glass announced Feb. 28 that the company will implement an early retirement plan in order to pay off the its debt from the 2006 acquisition of Pilkington, United Kingdom, according to a same-day release. The early retirement program applies to about 800 managers in Japan. The management will look for volunteers in March and April, but did not disclose how many positions needed to be cut, according to a Feb. 28 article from Reuters. Officials are targeting Japanese jobs, because its operations are less profitable than in other countries, according to the article. NSG has 2,900 Japanese employees and 34,000 employees worldwide, according to the article. In other efforts to pay off its debt, NSG officials plan to sell the company’s 50 percent stake in NH Techno Glass Corp., a Japanese producer of liquid crystal display glass, according to a Feb. 26 article from the Japanese News Network. The Washington, D.C.-based Carlyle Group is expected to pay about $1 billion for NSG’s share. —Katy Devlin,commercial glass and metalseditor,Glass Magazine

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