Nippon Electric Glass to cease UK subsidiary operation

Nippon Electric Glass (TSE:5214) announced its decision to cease operations at its UK-based subsidiary, Electric Glass Fiber UK, Ltd. (EGFU), a consolidated subsidiary, due to the company's strategic review of its composites business. The company, after considering options like selling EGFU or forming partnerships, has determined to liquidate EGFU to quickly rebuild its composites business. EGFU recorded net sales of GBP66 million in the fiscal year ended December 2022, GBP56 million in fiscal year ended December 2023, and GBP54 million in fiscal year ended December 2024. EGFU will cease production in late June 2025 and begin voluntary liquidation. Nippon Electric Glass is currently evaluating the impact on its business performance, with a promise of a prompt announcement if a material impact is expected.