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Japanese parent to close UK fibreglass factory
(Sharecast News) - The UK's largest fibreglass factory is to close, its Japanese parent announced on Wednesday, after it failed to secure a buyer. In a brief regulatory announcement, Nippon Electric Glass Co confirmed it would cease operations at the Wigan plant, with production slated to stop by the end of this month. It will then enter into voluntary liquidation.
The UK business, Electric Glass Fiber UK, employs around 250 people and supplies fibreglass for use in electric cars and wind turbines. However, losses have ballooned while sales have steadily fallen.
Losses were £12m in the year to December end, on net sales of £54m. In 2023, sales came in at £56m while losses were just £3m.
It is understood the government tried and failed to secure a rescue deal for the plant.
According to the Financial Times, a London-based investment start-up called Tegu had held discussions about buying the plant but wanted the government to underwrite £5m of financing, which ministers declined.
The FT also noted that another private equity bidder had made a £10m offer but had been put off by Nippon's £2m break fee.
Nippon Electric Glass first warned in April that, following a strategic review, it planned to close the factory if a deal was not agreed within two months.
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