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Nippon Sheet Glass to cut 900 more jobs

Post Time:May 21,2009Classify:Company NewsView:397

Japan's Nippon Sheet Glass (5202.T) said it will cut 17 percent of its workforce, or 6,700 jobs, by March 2010, up from the 15 percent it had earlier announced, as demand for construction-use and automotive glass fell further, the Nikkei business daily reported.

Nippon Sheet also intends to reduce glass production capacity by about 25 percent, suspending three float glass furnace plants in UK and other parts of Europe, while others may switch over to producing parts for solar cells, the paper said.

In January, the company had said it would cut 5,800 jobs and reduce output capacity for float glass by about 15 percent globally.

Of the remaining 2,200 jobs to be cut, 1,300 represent non-full-time positions in Japan, the Nikkei said.

These moves are expected to reduce costs by 16 billion yen ($166.9 million) in 2010, the business daily added.

The market for building glass cannot be expected to recover until at least the end of 2009, the Nikkei reported Nippon Sheet Chief Executive Stuart Chambers as saying. ($1=95.86 Yen)

Source: ReutersAuthor: shangyi

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