AGC Inc. announced it has started considering 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 had suspended investments in the country, including the periodic repair of glass manufacturing furnace, since March of last year. AGC has since been carefully monitoring the situation, keeping in mind its employees’ and customers’ best interests. It is the company's policy to select a party that will continue to operate the business, say officials.
Financial impact
As announced in the release, an impairment loss of $103 million 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. The financial impact in case of the transfer has been incorporated into the full year consolidated financial forecast for the fiscal year 2023.
