Nippon Electric Glass to review UK composites business

Nippon Electric Glass Co., Ltd. has initiated a strategic review of its UK-based Electric Glass Fiber UK, Ltd. (EGFU) composites business. The decision, approved by the board today, comes amid persistently high raw material and energy costs, coupled with sluggish sales. The review aims to explore various options, including the potential sale of EGFU or forming a strategic partnership. If a viable option cannot be found, Nippon Electric Glass will consider ceasing EGFU's operations. EGFU will continue normal operations during the review period. EGFU's key details include its location in Wigan, UK, with Teun Bakker as Managing Director, producing reinforced glass fiber for resin, capitalized at GBP30 million, and wholly owned by Nippon Electric Glass, with a founding date of July 8, 2016. A further announcement regarding the outcome of the review will be made in due course.