AGC Inc. completed the transfer of its ownership stake in AGC Flat Glass (Dalian) Inc. to Shanghai Yaohua Pilkington Glass Group Co. Ltd. (SYP Group), as previously announced back in December 2022. The date of completion of the transfer was May 8.
Overview
Under the medium-term management plan AGC plus-2023, AGC has designated the improvement of the profitability and asset efficiency of its architectural glass and industrial business as one of the AGC Group’s priority issues. As one such initiative, AGC announced on December 23, 2022, that it would be transferring its ownership stake in AGC Flat Glass (Dalian) Inc. to the SYP Group, and hereby gives notice that the transaction has been completed as scheduled.
Outlook
With respect to the capital gains related to this transaction, other income will be recorded in the consolidated financial results for the second quarter of the fiscal year ending December 31, 2023. There is no change to the full-year consolidated earnings forecast for the fiscal year ending December 31, 2023.
