NSG Group’s joint venture, SP Glass Holdings B.V., has divested its subsidiary holdings in Russia. With the divestment, the Group has fully exited Russia, state company officials.
SP Glass Holdings is a Netherlands-based company that owns and operates subsidiaries in Russia. The Group announced that the companies disposed of include Pilkington Glass and StiS Group of Companies LLC. They are based in Moscow and manufacture glass and glass products.
The purchaser of the companies was Vladimir Voronin, a Russian businessperson. Group officials say the company expects a net gain of approximately $34.6 million* due to the divestment.
The Group’s exit from Russia follows a string of glass companies severing ties with the embattled country, including Guardian Glass, REHAU and VELUX.
*Converted from JPY to USD on June 28, 2023.