Temporary reduction in Float capacity in UK

As a consequence of the overcapacity that still exists in the European glass industry, the NSG Group has informed the employee representatives concerned that one of its UK float lines, “CH2” Float Line in Cowley Hill, will be kept out of operation on ‘hot hold’ from 3 January 2013.

At present it is expected that the line will remain on hot hold for three months.

This action will allow the Company to reduce stock levels and therefore Working Capital. It will not impact significantly on the UK market as the Company can continue to supply from stocks and from “UK5” float line at Greengate, UK.

Local management is in discussions with the employee representatives concerning manning plans for different parts of the operation during the hot hold, as well as cost saving opportunities.

600450 Temporary reduction in Float capacity in UK glassonweb.com

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