Nippon Sheet to Book 12.5 Billion Yen for Job Cuts (Update1)

By Masumi Suga May 7 (Bloomberg) -- Nippon Sheet Glass Co., the world's biggest supplier of car windows, said it will book a 12.5 billion yen ($119 million) charge for 220 Japan-based managers who took early retirement.

The charge will be made in the fiscal year ended March 31, Tokyo-based Nippon Sheet Glass said today in a statement through the city's stock exchange. The company reports earnings on May 23. The workers are due to retire between May 31 and July 31.

Nippon Sheet Glass, which bought Pilkington Plc of the U.K. in 2006, is trimming its workforce in Japan, where profitability is about a fifth of the level for Europe, the Japanese glassmaker's largest market after the acquisition. The company on April 23 said former Pilkington Chief Executive Officer Stuart Chambers, 51, will become its first foreign president, pending shareholder approval.

The job cut will save costs by 2 billion yen for the current year through March 31, 2009, and 3 billion yen the next fiscal year, the statement said. The company announced a plan on Feb. 28 to cut management jobs, with 820 workers eligible for early retirement. The company has more than 35,800 workers worldwide.

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600450 Nippon Sheet to Book 12.5 Billion Yen for Job Cuts (Update1) glassonweb.com
Date: 8 May 2008
Source: Bloomberg

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