85GQ Anz Bank 43

RNS Number:2826Z
Nippon Sheet Glass Company Limited
29 June 2007



Nippon Sheet Glass announces the sale of Flat Glass Business in Australasia



Nippon Sheet Glass Co., Ltd. ("the Company") announces that today its
extraordinary Board meeting officially resolved the sale of Flat Glass Business
in Australasia.

Upon this decision, the Company enters into a sale agreement of all of the 
Group's Flat Glass operations in Australia and New Zealand, known as Pilkington
(Australia) Limed and Pilkington (New Zealand) Limited, wholly owned by
Pilkington Group Limited, to CSR Limited as below.

The Company received a number of competing offers to purchase all of the Group's
Flat Glass operations in Australia and New Zealand and, in the accounts for
FY2007, the business has been classified as "held for sale" in the income
statement as well as balance sheet. Following a process of due diligence and an
assessment of the competing bids, the Company decided to accept the offer of CSR
Limited.  The Company believes that the transaction offers better value to the
Company's shareholders than would be realized by retaining these operations
within the Company.

It is currently calculated how much gain from the sale of the shares will be
realized upon the disposal of its shareholding in the business, which will be
announced as soon as it is fixed.

(a) The outline of the business:

 (i) Scope of business: All of the Company's Building Products and Automotive
     glass operations in Australia and New Zealand

(ii) Operating results and Financial positions (FY07):

Australian business  Sales: AUD 360 Mil

                     Assets:AUD 660 Mil

                     Liabilities: AUD 99 Mil

   New Zealand business Sales: NZD 60 Mil

                      Assets: NZD 82 Mil

                      Liabilities: NZD 7 Mil

(iii) Sale price and pricing method:  Approximately JPY 70 Bil, after the
      process of competitive auction by the potential buyers.

*) Notes: The figure for results and financials are based on the management
   accounts of the local entity.

(b)Time frame of the transfer

    29th June 2007 execution of sale agreement, with closing on the same date

(c) Outline of the buyer

   (i)  Legal name:  CSR Limited

   (ii)  Principal address: Chatswood, NSW, Australia

   (iii) Name of representative: Ian Blackburne, Chairman

   (iv)  Paid-in capital: AUD559.9 Mil (Approximately JPY 56.0 Bil )

   (v)   Status of shares: Public company listed on the Australian Stock 
         Exchange with a market capitalisation of around A$3 billion.

   (vi) Outline of business: CSR is a leading diversified manufacturing company
        with operations throughout Australia as well as in Asia and New Zealand,
        with major operations in Building Products, sugar and aluminium.



END


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