Pilkington Solar (Taicang) to Cease Operations
NSG’s Pilkington Solar (Taicang) subsidiary will close by June 30.
The NSG Group recently announced that its consolidated subsidiary, Pilkington Solar (Taicang) Ltd. (PST), will cease operation of rolled glass for crystalline silicon photovoltaic applications. As a result, NSG anticipates an impairment loss. However, NSG’s business of glass for thin film photovoltaic applications will continue and be unaffected.
PST has reportedly suffered from a continuing decline in demand for its products in recent years, making a recovery of its profitability unlikely. NSG has decided to close the business by June 30, and PST will be liquidated. The total amount of anticipated exit costs, expenses, and asset impairment loss is approximately ¥7.5 billion (~ $70 million), which was recognized in the financial year ending March 31.
For more information, visit www.nsg.com.