The AGC Group has sold its Russian glassworks in Moscow Oblast and Nizhny Novgorod Oblast, to a local company Adamant, citing the Russian firm's CEO Sergei Knyazev. He declined to disclose the size of the deal which included the sale of two glass factories in Moscow and Nizhny Novgorod regions, the newspaper (Kommersant) said.
The glass plants primarily manufactured architectural and automotive glass.
AGC had been considering the sale of its Russian business since February 2023.
With the completion of this transfer, the group has fully withdrawn from the Russian market. The transfer is expected to result in Other Expenses of €220 Million (approximately ¥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.
06.03.2024, AGC
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