AGRR Magazine

NSG Acquisition of Pilkington Completed

Pilkington plc and Nippon Sheet Glass Co, Ltd. (NSG) issued a statement to the London Stock Exchange at 8 a.m. London time today confirming that the acquisition of Pilkington by NSG has been completed and that Pilkington is now a member of the NSG Group. Pilkington shareholders are due to receive 165 pence per share, to be paid by 30 June 2006.

Under the terms of the acquisition, Pilkington remains the primary brand name and logo for the new flat glass business. No disruption to operations worldwide is expected and the current Pilkington management will continue to run the Pilkington business.

Given the lack of overlap between the two companies, NSG has said there should be minimal need for any job cuts as a direct result of the acquisition. NSG confirmed that all existing employment rights of Pilkington employees, including pension rights, will be fully safeguarded.

"NSG with Pilkington produces a world leader of scale in the global flat glass industry. Employing 36,000 people, the enlarged company will have annual sales of around £4 billion ($7.4 billion USD), manufacturing operations in 26 countries and sales in over 130, with ownership or interests in 50 float glass manufacturing lines worldwide and a widened Automotive customer base," said Yozo Izuhara, chairman and chief executive officer of NSG, commenting on the acquisition.

"I am excited about Pilkington's future as part of the NSG Group. The new combined company is a global leader in glass. Our joint technological strength, innovation and global reach mean we are well placed to grow profitably and to service and develop our customer base in all major markets worldwide," said Stuart Chambers, group chief executive of Pilkington.

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