Japanese Central Glass announced in December 1995 that its totally financed subsidiary Central Glass International, New York, US, would be taking over Ford Motor Co.“s 49% share of the Carlex Glass C…
Japanese Central Glass announced in December 1995 that its totally financed subsidiary Central Glass International, New York, US, would be taking over Ford Motor Co.“s 49% share of the Carlex Glass Company, Tennessee, US, which is a joint venture between the two companies for producing automobile safety glass. Central Glass had expressed an interest in the dissolution of its joint venture agreement in conjunction with Ford“s withdrawal from the glass business on 12 December 1995. Previously the 51% portion of Carlex shares held by Central Glass had belonged to Central Glass America Co., Tennessee, US. Following the move, the two American subsidiaries of Central Glass will be sharing the financing of Carlex. Carlex was established in 1989 with 51% financing from Central. Carrying an enormous amount of accumulated debt, Central Glass assumed JPY 4.87 billion in stock evaluation losses from this subsidiary in the second half of 1995.