AGC Group has been considering the transfer of its Russian business since February 2023, and announced confirmation of the transfer as follows.
With the completion of this transfer, the Group has fully withdrawn from the Russian market.
Transferred companies
- AGC Bor Glassworks JSC, Nizhny Novgorod Oblast, Russian Federation.
Net sales (Actual results for 2023) JPY 14.6 billion.
Main business: Manufacture and sale of architectural and automotive glass. - AGC Flat Glass Klin LLC, Moscow Oblast, Russian Federation.
Net sales (Actual results for 2023) JPY 19.5 billion.
Main business: Manufacture and sale of architectural glass.
Transferor: Igor Mikhailovich Leytis (Russian businessperson).
Transfer price: Not disclosed in accordance with the confidentiality agreement with the transferor.
Impact on business performance
The transfer is expected to result in Other Expenses of EUR 220 million (approximately JPY 35 billion) mainly due to the realization of “Exchange differences on translation of foreign operations” in accounting. This loss has been incorporated into the financial forecast for the current fiscal year, which was announced on February 7, 2024.