AGC Inc. has reached an agreement with Shanghai Yaohua Pilkington Glass Group Co. Ltd. (SYP Group) to transfer its ownership stake in AGC Flat Glass (Dalian) Inc. to SYP Group.
Under the medium-term management plan AGC plus-2023 announced in February 2021, AGC designated the improvement of the profitability and asset efficiency of its architectural glass business as one of the AGC Group’s priority issues and has undertaken a variety of initiatives in this regard. As part of this process, AGC has decided to transfer its ownership stake in AGC Flat Glass (Dalian) Inc., which manufactures and sells glass for architectural, automotive and industrial use.
AGC determined that transferring the business to SYP Group, which has strong sales capabilities and a solid business base in China, would lead to further business development.
The transfer price is RMB 305 million.