AGC Has Started Considering Transfer of its Business in Russia

Photo source

www.agc.com

Date: 8 February 2023

AGC Inc. has begun to consider the transfer of AGC Group's business in Russia.

AGC Group is mainly engaged in the architectural and automotive glass business in Russia. Amidst the uncertain situation in Russia, the Group has suspended investments in the country, including the periodic repair of glass manufacturing furnace, since March last year. Keeping in mind the best interests of employees and customers, AGC Group has been carefully monitoring the situation up until now. AGC has now started considering transfer of their operations in Russia. 

The size of the Group's Russian operations is outlined in the table below. It has been reported that an impairment loss of ￥13.6 billion to the fixed assets of this business has been recorded in the consolidated financial results for the fourth quarter of the fiscal year ending December 31, 2022 (October 1 to December 31, 2022). This financial impact in case of the transfer has been incorporated into the full year consolidated financial forecast for the fiscal year 2023.