Japanese glassmaker AGC suspends investments in Russia
Japanese AGC has decided to stop investing in Russia and reduce the supply of its products to the Russian market.
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The AGC Group, the world’s largest glass manufacturer, engages mainly in the architectural and automotive glass business in Russia.
“In the light of the current situation, the Group has decided to suspend investments in the country including the periodic repair of glass manufacturing furnaces. Regarding the automotive glass business, the Group has largely scaled down the production and shipments to automobile manufacturers in Russia,” the company said in a statement on Friday.
The company stated that it would continue to monitor the situation closely and take appropriate actions according to the circumstances.
“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,” the company added. (ILKHA)
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