Nippon Sheet Glass To Acquire Nippon Muki Stake

Japan's Nippon Sheet Glass said it intended to acquire a 33.3% holding in Nippon Muki from Hitachi Chemical Co by mid-December 2000. This acquisition could make Nippon Sheet Glass the largest shareholder in the company. The interest of Nippon Sheet Glass in strengthening its glass fibre operations coincided with Hitachi Chemical's efforts to reorganize group operations. The Japanese glassmaker was also planning to acquire 7.61m shares for an estimated Y3bn. Nippon Muki uses glass fibre to make battery parts and filters for air cleaners. The company reported consolidated sales of Y19.6bn for the year ended 31 March 2000.