AGC, Central Glass to Unify Domestic Architectural Glass Biz
Tokyo, Dec. 9 (Jiji Press)--AGC Inc. <5201>, leader in the Japanese sheet glass industry, and the third-ranking player, Central Glass Co. <4044>, said Monday they have reached a basic agreement to integrate their domestic architectural glass businesses.
The two companies aim to stabilize their earnings through the integration, which they hope will be completed by the end of 2020. Details, such as consolidation of production and marketing bases, will be worked out in June.
The domestic sheet glass market is currently shared by AGC, Central Glass and Nippon Sheet Glass Co. <5202>.
But the situation is expected to remain tough for the architectural glass market due to shrinking demand for use in new homes amid the country's falling population. In addition, competition from Chinese rivals is starting to increase, industry watchers said.
[Copyright The Jiji Press, Ltd.]