Nippon Sheet Glass Ambition Pays Off

Nippon Sheet Glass, which acquired the UK’s Pilkington for £2.2bn last year, on Wednesday said its aggressive global expansion was paying off as it reported a stronger-than-expected jump in first-half earnings.

The Japanese glassmaker said operating profit nearly doubled to Y27bn in the six months to September compared to the combined results of NSG and Pilkington a year earlier. Its shares rose 4.2 per cent as the increase appeared to justify its decision to spend heavily to break out of slow-growth Japan.

Price rises in Europe and strong sales in South America and other emerging markets drove the profits, which were higher than the company and analysts had forecast.

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600450 Nippon Sheet Glass Ambition Pays Off glassonweb.com
Date: 27 November 2007
Source: FT

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