Pilkington plc's chairman Sir Nigel Rudd has reported significant reductions in the company's net debt at its annual general meeting. Improvements in operational efficiency and unremitting cost reduction programmes have enabled the group to generate cash. Its priorities now are to maintain momentum on its cost reduction programme, rebuild its financial strength and invest into profitable growth opportunities. The Pilkington-constructed fourth float line in Brazil is now in full production. China has been established as a platform for future growth, with 3 automotive plants integrated into the Pilkington automotive business. The joint venture float line in Russia is on target to begin production later this year. Shareholders were reassured that, despite some difficult background conditions, Pilkington had started 2005 well.
