By Paul Homewood
Oh Dear!!
A major supplier to Britain’s green energy industry is set to close after its Japanese owner failed to clinch a rescue deal for the company and its 250 workers.
Wigan-based Electric Glass Fiber UK (EGFU), which is owned by Nippon Electric Glass (NEG), makes vital components used in wind turbines and electric cars. Its closure puts net zero supply chains under threat.
The British operation was profitable as recently as 2022, but made losses of ÂŁ3m in 2023, mounting to ÂŁ12m in 2024, according to the Japanese owner, which first invested in the UK arm in 2016.
It blamed competition from Chinese imports as well as the rising cost of raw materials, in financial statements published in last year, which could only be partially passed on to customers in the form of higher prices.
The business also said rising energy prices were putting pressure on operations.
So much for all those green jobs then!
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Author: Paul Homewood
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