Japanese flat glass manufacturer NSG Group is to cut 2000 jobs as a result of a drop in profits after the Covid pandemic.
In its Q3 financial results last week, the owner of the Pilkington glassmaking brand reported a drop in cumulative group revenues of 16% to ¥ 357,350 million from ¥ 425,828 million in the same period the year before.
Profits fell from ¥ 18,031 in the same period the year before to ¥ 8,024 million this period.
It said it would cut 2000 jobs around the globe, with 20% of those taking place in Japan.
In a note on December 29 it said: “As the group has been significantly affected by the global pandemic of COVID-19, it announced a direction to execute a group-wide business transformation initiative, including a headcount reduction of approximately 2000 employees globally."
In its financial statement of February 4 it said : "Economic activity continues to be significantly impacted by the COVID-19 pandemic.
"Architectural markets experienced robust activity, especially in Europe and South America.
"Demand for Solar Energy glass remained strong, largely unaffected by COVID-19 factors.
“Automotive markets also recovered from the low levels experienced earlier in the year, with demand during the third quarter being similar overall to the previous year.
"Technical glass markets mainly continued to be somewhat below the previous year.”