Glass Manufacturer AGC Mulling Withdrawal from Russia

Economy

Tokyo, Feb. 9 (Jiji Press)--Major Japanese glass manufacturer AGC Inc. <5201> has said it is considering selling its operations in Russia as it plans to withdraw from the country amid the deteriorating business environment there due to Moscow's continuing aggression against Ukraine.

For the business year to last December, AGC booked impairment losses totaling 128.4 billion yen because of sluggish sales of displays for television sets and personal computers as well as the slumping business in Russia, the company said Wednesday.

As a result, the company logged a group net loss of 3,152 million yen for the year, against the preceding year's net profit of 123,840 million yen, falling into the red for the first time in 20 years.

AGC's earnings were also affected by falling demand for automobiles in Europe following the Russian invasion of Ukraine.

The firm had already halted new investment in Russia.

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Jiji Press