28 June 2010 – manufacturing plant
Superglass has announced that on Saturday 26 June one of the furnaces at its Stirling plant failed. Full furnace capacity is not likely to be resumed for 8 to 12 weeks and although 24 hour working of the second furnace will replace some of the shortfall there will be an impact in the current year. A further announcement is expected and although insurance is in place, profit in the current year is likely to be reduced. Ultimately the shares should still prove to be excellent value but in the near term, until further details emerge, Superglass must now be a HOLD.