Establishment of a new company in China -Supporting the strengthening/expansion of the AGC Group’s business operations in China-

AGC (Asahi Glass Co., Ltd.; Tokyo; President and CEO: Kazuhiko Ishimura) announces that the company has established AGC (China) Holdings Co., Ltd., a company that supports business activities of AGC’s business, and will appoint Chief Representative who represents the AGC Group in China.

With these measures, we aim to further strengthen and expand its business in the Chinese market.

AGC has been expanding investment in China recently, and established a production (processing) base for TFT-LCD glass substrates in the rapidly growing country in March 2010. Today, the company operates 11 consolidated subsidiaries in China and approx. 5,000 employees are working there. AGC aims to further expand its business in the country, which is expected to maintain high growth rate, and to this end, we must strengthen the organizational infrastructure to promote new investment and business development by leveraging the Group’s total strength.

AGC (China) Holdings Co., Ltd. will be engaged in various activities beyond the framework of individual business unit. Specifically, the role of the company includes information gathering on economic and industrial policies of the Chinese government, supporting business activities of the business units in the country, and developing new business/participating in new business projects.

Also, the Chief Representative that serves as the representative of the AGC Group in China will aggressively advance measures to expand the Group’s business in the country and establish a business base in the region to maximize the synergy of the Group.

AGC sets “the Second Round of Globalization” as one of the major focus points of AGC’s management policy Grow Beyond. We are determined to continue to strengthen and expand our business and presence in the rapidly growing market.

Outline of the new subsidiary

1.Corporate Name: AGC (China) Holdings Co., Ltd.

2. Representative: Masayuki Kamiya (to be appointed to Senior Executive Officers; Chief Representative of the AGC Group in China on January 1, 2011)

3. Location: Beijing, China

4. Amount of Capital: 30 million US$

5. Shareholder: AGC Group 100%

6. Date of foundation: December 15, 2010

7. Main line of business

-Collecting information on economic and industrial policies of the Chinese government, promoting business development in China 

- Investment and M and A, etc.

Read the full press release bellow.

600450 Establishment of a new company in China -Supporting the strengthening/expansion of the AGC Group’s business operations in China- glassonweb.com
Date: 3 January 2011
Source: AGC (Asahi Glass Co., Ltd.)

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