The bankruptcy of FARUN GLASS

The bankruptcy of FARUN GLASS

In October 2015,a news shocked the whole glass China industry

One of the largest glass manufacturers-Farun group,announced bankruptcy on 20th,Oct.

Farun Group-china float glass
Farun Group

Farun group had over 8,000 staffs,total assets over 1.5 billion dollars.With 18 float glass production lines all over China,and ranked the 1st in successive 11 years,this year,Farun ranked 4th in the whole China glass industry.

Let’s see how they performed in the 1st quarter of 2015.

China Float glass output in 2015
Flat glass output of key enterprises in 2015

This is tough time for the glass industry this year,such big news also start the adjustment of China glass structure.
Now it’s November,only Jinjing revealed their 2015H3 financial performance,In 2015,Jinjing glass had a turnover of 378 million dollars,profit -16 million.

Luoyang glass and SYP announced a loss of 179million and 125 million dollars separately.
Kibing and CSG announced total profit USD147 and 324 million.But compared with their turnover,the profits is only 4-8%.

This year,the government forced the glass manufacturers to reform the production lines and protect the environment,which caused USD10/MT production costs increase.

Most small manufacturers sell the glass at the loss,about USD16 loss per MT.

Glass price increased since September,this maybe caused by the peak season and the bankruptcy of Farun,after all,Farun account 7% of total glass output.

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