Fuyao Glass closes two glass lines

Fuyao Glass has announced that in view of the company’s practical situation and the future development, the company will shut down two building float glass lines. The impairment provisions for the assets will be 250,000,000-300,000,000 yuan.

For the deep impact from the credit crunch on the global financial market and the real economy, the market demand for building float glass will continue to slide and the imbalance between supply and demand will be greater. In the case, Fuyao Glass will close a 600-t/d building float glass line (the net book value of equipment and auxiliary facilities is about 179 million yuan) in Fuqing, Fujian and a 460-t/d building float glass line (the net book value is about 125 million yuan) in Shuangliao, Jilin.