Glass Producer Faces Global Difficulties, Executives Slash Own Salaries

Nippon Sheet Glass Group (NSG), the parent company of NSG Pilkington, is continuing to battle “adverse conditions” globally, according to its third-quarter financial results for its 2025 fiscal year.

The company’s third-quarter financial report says it earned about $4.1 billion in sales. Though that is slightly higher than its third-quarter 2024 revenue, NSG reports a net loss of about $6.1 billion this quarter.

To help the business recover, NSG officials announced that its executive officers and senior management are taking a “voluntary salary reduction.” Munehiro Hosonuma, NSG’s representative executive officer, president and CEO, is accepting a pay cut of 30% between February and June. Senior executive officer and chief financial officer Akihito Okochi’s basic salary will be cut by 15% from February through April.

“This initiative represents the commitment and dedication of the management to emerge stronger from this challenging period,” officials say.

Despite the company’s overall slump, NSG’s automotive sector was one of its stronger-performing divisions. The report says this comprises 51% of the company’s sales. It produced about $2.1 billion in sales and had an operating profit of about $17 million.

Europe and the Americas make up the majority of the automotive sector’s sales. Europe accounted for 41%, NSG reports. Both revenue and profit were down compared to the same quarter last year in Europe. NSG announced it was cutting down production at one of its auto glass facilities in Germany in late January because of weak demand and ongoing cost pressure.

The Americas produced 40% of the sector’s sales. The area had higher revenue than in the third quarter of 2024, but its profits fell. The Americas had a stable background market during the quarter, according to the report, but production interruptions affected the total profit.

Asia also experienced production interruptions, but revenue and profit improved. The region represents 19% of NSG’s automotive sales.

NSG revised its full-year forecast for its 2025 fiscal year, which ends March 31, to account for the weak global market. The projected revenue remains the same at $5.6 billion, but its profit projections have changed. NSG previously projected an operating profit of $1.7 billion and a net profit of $6.5 million Now, it projects an operating profit of just over $105 million and a net loss of the same amount.FacebookTwitterLinkedInEma