Nippon Electric Glass (NEG) decided to initiate a strategic review of the composites business at Electric Glass Fiber UK (EGFU).
NEG group’s composites business has been facing a challenging competitive environment with high prices for raw materials, energy and logistics costs, leading to sluggish sales. This review is part of an ongoing effort to recover performance.
During the approximately two-month strategic review period, EGFU will continue its normal operations. NEG will maintain cooperative relationships with stakeholders such as employees, customers and suppliers.
The strategic review will consider various options, including the possibility of selling EGFU or forming strategic partnerships. However, if no optimal option is found, the potential cessation of EGFU’s operations may be considered.