Nippon Sheet Glass to Shed 15% of Global Payroll

Nippon Sheet Glass Co. (TSE:5202) said Thursday that it plans to shed roughly 5,800 employees, or 15 per cent of its worldwide work force, by March 2010 and reduce its production capacity by around 16 per cent.

As markets for its mainstay building glass and automotive glass continue to shrink around the globe, Nippon Sheet Glass is bracing for a net loss of 22 billion yen (US$243 million) in the year ending March 31, 2009, compared with a net profit of 50.4 billion yen a year earlier.

A net loss would be the company's first in six years. The firm plans to book a total of around 22 billion yen in restructuring costs as extraordinary losses.