27 May 2004 05:43
Glassmaker Russia and China lure Pilkington
Pilkington, the world's second largest glassmaker, is planning major expansion in China and Russia once it
completes a restructuring which has cost thousands of jobs.
The company has already opened three plants in China but says booming automotive and other sectors have made that
country and Russia top of its priorities for new markets.
"The fact that China has gone 'open kimono' means we are getting ourselves ready . . . China and
Russia will head a new platform for growth from 2006," said chief executive Stuart Chambers.
Pilkington - second only to St Gobain of France in the sector - is implementing a turnaround plan which has led to
global staffing levels being cut from 39,000 to 24,000 since 1997.
Further fruits of that exercise were on show yesterday as the company announced annual pre-tax profits before
amortisation of pounds 151m, up from pounds 145m from last time and in line with City expectations. It also cut debt by
almost a quarter to pounds 664m despite weakness in its main automotive and building supply markets and its shares rose
more than 9% to 92.25p.
- Terry Macalister
[The Guardian] |
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