Prospects improve for Pilkington

Feb 5 2010 By Alex Turner

PILKINGTON’S owner Nippon Sheet Glass (NSG) yesterday said it continued to see improved prospects although its markets remained “challenging”.

The Japanese firm underwent a huge restructure when the global downturn hit – which badly affected house building and car sales – and has cut 6,500 jobs, with another 200 to go by March.

NSG has cut nearly 200 jobs locally in the last year, and now employs around 1,300 people at its St Helens and Ormskirk sites.

In the third quarter to December 31, NSG lost £40.2m on sales of more than £1bn.

It improved its full-year net income forecast for the second consecutive quarter, which has come down from £345m to £310m. Sales are expected to be down 24%, at £4.1bn.

In a statement, the company said: “The cumulative result for the first three quarters is, as expected, significantly down on the same period in the previous year, when market conditions were considerably more favorable.

“The current quarter has however, seen improved operating results across each of the Group’s business lines as further cost savings have been realised, and some of the group’s markets have continued to recover gradually.”