NSG Dispose of Joint Venture in Russia
The NSG Group has announced that the joint venture, SP Glass Holdings BV, a company registered in the Netherlands but owning operating subsidiaries in Russia, has completed the disposal of those subsidiaries. The company expects to recognise a profit as a consequence of this transaction.
The Group has been reviewing and improving its business portfolio in line with “Transformation into more profitable business portfolio” under the Revival Plan 24. The companies disposed were Pilkington Glass LLC and StiS Group of Companies LLC located near Moscow, Russia.
NSG realizes a full exit from Russia after the disposal and expects to recognize a net gain of approximately JP¥5 billion including the reversal of impairment of investments in Joint Ventures and Associates in the consolidated financial results of the first quarter for the year ending March 2024.
