Announcement of Enhanced Early Retirement Plan
Nippon Sheet Glass Co., Ltd. ( “the Company” ) announces that its Board of Directors resolved at the meeting held today on the implementation of the Enhanced Early Retirement Plan in Japan as follows.
1. Background
Following the acquisition of Pilkington by the Company two years ago, the NSG Group established its Long-term Vision with the three phases over ten years.
Having regard to the key objective in Phase One to reduce the Group debt raised to purchase Pilkington, the Group has decided to implement the Plan as a means to achieving our priority target - to improve profit performance of less profitable Japanese business operations, with a view to increasing operating cash flow.
2. Summary of the Plan
- Eligible employees: all managerial employees in Japan
- Planned application period: certain period to be decided between 1 March and 30 April, 2008
- Expected date of retirement: 31 May, 2008
3. Impact upon the operation
The Company will announce the amount and timing of extra-ordinary charges to be incurred in relation to the implementation of the Plan as well as the impact on our operation as soon as they are known to us.