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Suspension of production activities at the Shelby plant and transfer of the Lexington plantCounterpartySaint-Gobain Adfors America, Inc.
Disclosing companyNippon Electric Glass Co.,Ltd.
TimelineThe spacing between the points is proportional to the actual number of days.
Target company
Manufacture and sale of glass fibers for resin reinforcement
Location Shelby, North Carolina, U.S., Lexington, North Carolina, U.S.Share capital US$100Date of incorporation 1 September 2017 (business acquisition)
Net SalesUS$237 million (fiscal year ended December 2025)
Operating profitOperating loss of US$6 million (fiscal year ended December 2025)
Net income for the current fiscal yearNet loss of US$4 million (fiscal year ended December 2025)
Net assetsUS$99 million (fiscal year ended December 2025)
Consideration and expenses
Acquisition priceThe transfer price and book value will not be disclosed at the request of the transferee.
Impact on Business Performance
The impact of the transfer of the Lexington plant on the Company's financial results is immaterial. The impact of suspending production activities at the Shelby plant on the Company's financial results is currently under review. If any matters requiring disclosure arise, the Company will disclose them promptly.
| Item | Details |
|---|---|
| Transaction name | Suspension of production activities at the Shelby plant and transfer of the Lexington plant |
| Counterparty name | Saint-Gobain Adfors America, Inc. |
| Name of the Subject Company | Electric Glass Fiber America, LLC |
| Business Description of the Subject Company | Manufacture and sale of glass fibers for resin reinforcement |
| Location of the Subject Company | Shelby, North Carolina, U.S., Lexington, North Carolina, U.S. |
| Capital Stock of the Subject Company | US$100 |
| Date of Establishment of the Subject Company | 1 September 2017 (business acquisition) |
| Net Sales of the Subject Company | US$237 million (fiscal year ended December 2025) |
| Operating Profit of the Subject Company | Operating loss of US$6 million (fiscal year ended December 2025) |
| Net Income of the Subject Company | Net loss of US$4 million (fiscal year ended December 2025) |
| Net Assets of the Subject Company | US$99 million (fiscal year ended December 2025) |
| Acquisition price | The transfer price and book value will not be disclosed at the request of the transferee. |
| Voting rights ownership percentage | Before 100% (current) (after not disclosed) |
| Impact on Business Performance | The impact of the transfer of the Lexington plant on the Company's financial results is immaterial. The impact of suspending production activities at the Shelby plant on the Company's financial results is currently under review. If any matters requiring disclosure arise, the Company will disclose them promptly. |
| Date of board resolution | 6 July 2026 |
| Execution Date / Effective Date | End of July 2026 (closing of the transfer of the Lexington plant) and end of August 2026 (suspension of production at the Shelby plant) |
Items this document does not state (16)
Expenses other than the acquisition priceType of ConsiderationMerger ratio/share exchange ratioTender offer priceMinimum number of shares to be purchasedTender offer periodNumber of shares acquiredFunding arrangementsGoodwill amountAmount of extraordinary income (loss)Contract DateValuation methodologyIndependent valuation institutionSpecial CommitteeConditions Precedent to ExecutionManagement structure after acquisition
These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.
The reasons the company gives
The company's own explanation, not something inferred from the numbers.The business environment is challenging due to changes in demand patterns and intensifying competition, and further time is expected to be required to improve EGFA's profitability. The Company stated that it aims to achieve medium- to long-term growth and improve the profitability of its composites business by discontinuing less competitive products and concentrating management resources on growth areas.
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