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Hankuk Electric Glass Co., Ltd., a subsidiary of Asahi Glass Co., Ltd. (AGC), passed a resolution at its executive board meeting on July 8, 2009, to transfer its entire equity in Hunan HEG Electronic Glass Co., Ltd., which is its wholly owned subsidiary engaged in the manufacture and sale of CRT glass, to Golden Apple International Investment Co., Ltd.
The equity transfer will be executed as part of Hankuk Electric Glass’ efforts in restructuring its production system following the drop in demand for CRT glass.
AGC expects to post extraordinary losses of about 11 billion yen (about $116 million) accompanying the transfer of equity in Hunan HEG Electronic Glass, along with a write-down of its assets. However, AGC has incorporated the losses into its consolidated earnings projections for the first half and the full year of fiscal 2009, ending December 2009, and there are no revisions to the projections at present.
Visit www.agc.co.jp/english for additional information.