Nippon Sheet Glass to Go Private for Turnaround

Tokyo, March 24 (Jiji Press)--Nippon Sheet Glass Co. said Tuesday that it will go private in an effort to rebuild its management.

The maker of glass for construction and automotive use is slated to be delisted from the stock market in November through a share consolidation.

The company will pay its existing shareholders 500 yen per share and issue new shares to Apollo Global Management Inc.

The U.S. firm will invest 165 billion yen through the third-party share allotment. Nippon Sheet Glass will also receive 140 billion yen in aid from its creditor banks, including Sumitomo Mitsui Banking Corp.

Nippon Sheet Glass has been burdened with interest payments on massive loans for the 3-billion-pound acquisition of British industry peer Pilkington Group Ltd. in 2006, which made the Japanese company one of the world's largest sheet glass makers.

[Copyright The Jiji Press, Ltd.]