Asahi Glass Co. Ltd. (AGC) has announced that it will post an extraordinary loss of approximately ¥9.5 billion (~ $116.9 million) in connection with the permanent closure of its furnaces for cathode ray tube (CRT) glass production and the termination of sales of CRT glass products at its subsidiary Hankuk Electric Glass Co. Ltd. This decision will result in the complete withdrawal of the AGC Group from the CRT glass business.
In addition, the company will also post an extraordinary loss of approximately ¥7.5 billion (~ $92.3 million) from the impairment accounting applied to part of its fixed assets in Electronics and Display Operations. There will be no revision to AGC’s consolidated business forecast for the year ending December 31, 2010.
For additional details, visit www.agc.co.jp