City File: Pilkington

THE bears are closing in on Pilkington, the glassmaker. Mark Hake of Nikko piles on the agony. He points out that more than 40 per cent of 1993 earnings comes from high-risk economies in Africa and Latin America, while in the US the Libby Owens Ford subsidiary relies heavily on General Motors, which is losing market share. The diversification into contact lenses has been so disappointing that Pilkington is getting out of the business. Sell while the going is good.