AGC has released a statement on the impact of the Russia-Ukraine situation on its business operations in Europe and Russia.
AGC’s operation in Europe
In Europe, including Russia, the group engages mainly in the architectural and automotive glass business. The table below is an overview of the group’s operation in Europe.
Russia accounts for fewer than 10% of the European operations in terms of sales and slightly over 10% in terms of number of employees.
Impact on AGC’s businesses
Architectural and automotive glass products produced in Russia are sold mainly in Russian domestic market. Therefore, AGC has not seen the 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.
Conclusion
The group said it would continue to monitor the situation closely and take appropriate actions.
AGC expresses its concern for the situation in Ukraine and hopes for peace to be restored as quickly as possible.
