It could be said that it is better late than never, but NSG Group, owners of Pilkington UK, have announced that they have sold off it’s joint venture business in Russia and have exited the country.
They join others such as Guardian Glass, REHAU, Velux, and more in closing down businesses in Russia in response to their invasion of Ukraine. This is the statement that NSG Group put out on their website:
The NSG Group announces that the Group’s 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 12 May 2023. The Group expects to recognize a profit as a consequence of this transaction, as set out below.
- Disposal of Joint Venture in Russia
- The reason for the disposal
The Group has been reviewing and improving our business portfolio in line with “Transformation into more profitable business portfolio” under the Revival Plan 24 (RP24).
- The companies which were disposed
- Name Pilkington Glass LLC
StiS Group of Companies LLC
- Location Moscow, Russian Federation
- Principal business Manufacturing and sales of glass and glass products
- Purchaser
- Name Vladimir Voronin (Russian businessperson)
- Relation with the Group None
- Summary of disposal
- All of the shares held by SP Glass Holdings V. disposed
- The Group realizes a full exit from Russia after the disposal
- Impact on the Group’s Results
The Group expects to recognize a net gain of approximately JPY 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. Details will be disclosed as soon after they are confirmed.
You can view the original statement here: https://www.nsg.com/en/media#
Although it states the reason for selling is part of a wider plan to create a more profitable business, against the current war backdrop and actions taken by other companies, this likely has more to do with corporate responsibility and leaving a country that has invaded another.
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