Japan's Nippon Sheet Glass said it would cut 15% of its work force & slash production while warning of its first annual loss in 6 years amid sliding demand from the auto & construction sectors. The company, which competes with Japan's Asahi Glass Co & France's Saint-Gobain, said it would cut 5,800 jobs & reduce output capacity for float glass by about 15% globally. It said it now expected to post a group net loss of US$ 244.2M (22BN yen) in the year to March instead of its previously forecast profit of 9BN yen, hit by restructuring charges & a sharp drop-off in sales. The market consensus was for a 8.7BN yen profit in a poll of 11 analysts by Reuters Estimates. The restructuring marks a strategic turn for Nippon Sheet, which bought British glass maker Pilkington in 2006 for about £2BN to expand its global reach. Nippon Sheet came into the spotlight again last year when it named Stuart Chambers its CEO, making the British national and former Pilkington executive one of the few non-Japanese to lead a major Japanese firm.
