The NSG Group announced that its joint venture, SP Glass Holdings B.V., a company registered in the Netherlands but owning operating subsidiaries in Russia, has completed the disposal of those subsidiaries, following the TSE disclosure on May 12, 2023. With the divestment, NSG Group has fully exited Russia.
About the divestment
NSG Group has been reviewing and improving its business portfolio in line with “Transformation into more profitable business portfolio” under the Revival Plan 24 (RP24). The companies disposed of are Pilkington Glass LLC and StiS Group of Companies LLC. They are based in Moscow and manufacture glass and glass products. The purchaser of the companies was Vladimir Voronin, a Russian businessperson with no relation to NSG Group.
Impact on the group’s results
NSG Group expects to recognize a net gain of approximately JPY 5 billion (US $35,162,500), 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. Details will be disclosed as soon after they are confirmed.
