AGC Inc. announced it has completed the transfer of its architectural glass business in North America to Cardinal Glass Industries (“Cardinal”). The transaction was originally announced in the “Notice regarding Transfer of Architectural Glass Business in North America” dated June 15, 2021.
1. Overview
Under the medium-term management policy AGC plus-2023 , the Company has strived for improvements of the profitability and asset efficiency of its architectural glass business which have been designated as one of the AGC Group’s priority issues. As part of this initiative, the Company announced on June 15, 2021 that it would transfer its North American architectural glass business to Cardinal. The transaction has now been completed as planned. For details of this transaction, please refer to the “Notice regarding Transfer of Architectural Glass Business in North America”.
2. Date of the Closing of the Asset Transfer
August 2, 2021
3. Outlook for the future
The transaction is expected to generate a profit of approximately 25 billion JPY, which is expected to be recorded as other income in the consolidated financial results for the third quarter of the fiscal year ending December 31,2021.
There is no change to the full-year consolidated financial forecast for the fiscal year ending December 31,2021 as announced on August 2, 2021 in the press release titled “Notice regarding Revision to Full Year Consolidated Financial Forecasts, Dividend Forecasts and Interim Dividends from Surplus for Fiscal Year Ending December 31, 2021”.