Asahi Glass Auto Stigma Hides 89% Jump in Flat-Panel Earnings

By Masumi Suga July 23 (Bloomberg) -- Asahi Glass Co. shareholders, shortchanged by a struggling U.S. auto industry, may have a brighter future in television as consumers switch to flat-panel sets even as the economy cools.

Global demand for TVs with liquid-crystal displays will surpass conventional units for the first time this year, according to DisplaySearch, a research firm in Austin, Texas. Growing demand for newer technology may cushion the Tokyo-based company against declining U.S. auto-glass sales to Ford Motor Co. and Toyota Motor Corp.

``As sales of cars fall, glassmakers will have to consider ways to survive, such as making flat-panel glass,'' said Yuuki Sakurai, general manager of financial and investment planning at Fukoku Mutual Life Insurance Co., which oversees $54 billion.

The Tokyo insurer's Fukoku Capital Management Inc. unit boosted its stake in Asahi Glass by 3.2 percent to 64,000 shares as of April 21, according to Bloomberg data.

The world's biggest maker of car and truck windshields is trading at a three-month low on the Tokyo Stock Exchange. It is valued 36 percent cheaper than Nippon Sheet Glass Co., which sold a half-interest in the world's fourth-largest LCD producer to U.S. private-equity firm Carlyle Group in June. Asahi's screen-making unit is more than three times as profitable as the auto-and construction-glass division.

Global sales of LCD televisions will probably increase 31 percent to 104 million in 2008, accounting for 51 percent of the market, according to Daiwa Institute of Research, citing DisplaySearch. U.S. shoppers continue to buy flat-panel TVs even with consumer confidence at a 16-year low, Corning Inc. Chief Financial Officer Jim Flaws said in a June 24 interview.

Click on the link bellow to read the entire article.

600450 Asahi Glass Auto Stigma Hides 89% Jump in Flat-Panel Earnings glassonweb.com

See more news about:

Others also read

Corning to Invest in Manufacturing Facility for Automotive Glass Solutions
Retrofitted facility will be third Corning manufacturing site in Hefei, China.
SEKISUI S-Lec B.V. at Glasstec 2018
From 23rd until 26th October 2018 SEKISUI S-Lec B.V. will be present at the 25th edition of Glasstec, the international Trade Fair for glazing held at Messe Düsseldorf in Germany.
Safelite Group Acquires Richardson Auto Glass
Safelite® Group, the nation’s leading vehicle glass services company and owner of Safelite® Solutions, has reached an agreement to acquire the assets of Richardson Auto Glass. The transaction was completed on June 4.
Come and discover flat glass – Glass for Europe
Advanced flat glass technologies provide safety, comfort, wellbeing and enable countless innovations to improve our daily lives.
Airborne Mini on Glassline’s Impressive Glass Canopy
Undoubtedly one of the most impressive exhibits at this year’s “Fensterbau/Frontale 2018” in Nuremberg – the flagship show for windows and doors – was the airborne Mini exhibited by Glassline, from Adelsheim in southern Germany.
AGP Group announces minority investment from Goldman Sachs
AGP Group raises growth capital to further its global expansion plan and strengthen its technology leadership in high-tech glazing solutions for the future of mobility.

From industry

Portuetxe bidea 18
20018 San Sebastián (Gipuzkoa) Guipúzcoa
Spain

Is Kuleleri, Kule: 2, Kat: 22, 4. Levent
34330 Levent-Istanbul/İstanbul
Turkey

Add new comment