AGC Inc. (AGC) hereby expresses that we are deeply concerned about the situation in Ukraine and hope for peace to be restored as quickly as possible.
The impact of the situation on the AGC Group and status of its business operations in Europe and Russia are as follows.
We will continue to monitor the situation closely and take appropriate actions.
1．AGC’s operation in Europe (including Russia)
In Europe, including Russia, the Group engages mainly in the architectural and automotive glass business. The following is an overview of the Group’s operation in Europe. Russia accounts for just under 10 percent of the European operations in terms of sales and slightly over 10 percent in terms of number of employees.
２．Impact on AGC’s businesses
Architectural and automotive glass products produced in Russia are sold mainly in Russian domestic market.
Therefore, we have not seen impact of the economic sanctions at this point.
The architectural and automotive glass operations in Europe use natural gas as a fuel in the manufacturing process, and if the natural gas price remains high, the earnings of this business may be affected.
If the situation is prolonged and is expected to have a significant impact on the Group’s business performance, AGC will promptly make an announcement.
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