HNG sells German subsidiary to European buyer

Published 28th June, 2016 by Greg Morris

Hindusthan National Glass has found a buyer for its HNG Global plant in Germany.

The company has sold the plant for €23 million.

The subsidiary was sold to a large glass container manufacturing group in Europe, who wishes to remain anonymous for the mean time.

The expected date of completion of sale is 15 July 2016.

HNG Global contributed 12% to the total consolidated revenue of HNG for the financial year ended 31 March 2016.

Despite this, in September 2015 HNG announced it would be selling the subsidiary, due to it making a loss.

Greg Morris

Glass International Editor

Greg Morris has been editor of Glass International and organiser of the Glassman conferences since 2012, specialising in glass packaging. Prior to this he spent five years working in newspaper journalism.