The AGC Asahi Glass Co., Ltd., announced November 10 a reorganization that will result in the abolition of one of its companies and the creation of two new ones.
AGC will eliminate its Glass Company and establish the Building & Industrial Glass
Company and the Automotive Company, according to a company press release. The changes will take effect January 1, 2017.
“Architectural and industrial glass business and automotive glass business are two totally different markets with different business models,” according to the release. “This organizational reform will enable more agile business operations that better cater to the needs of each market.”
Changes in the assignments of executive officers also will be made as of January 1, 2017. Yoshiaki Tamura, currently the executive vice president/president of the glass company, will be named executive vice president/assistant to the chief executive officer. Marehisa Ishikom, senior executive officer and president of the automotive company, will transition to the role of senior executive officer/general manager of the Automotive General Division.
For a complete list of executive assignments click here.
Asahi also posted October 31 its consolidated financial results for the first three quarters of 2016.
The AGC Group posted net sales of 939.9 billion yen, or about $8.8 billion USD for the period under review, down 5 percent from the corresponding period of 2015. Operating profit increased by 11.1 billion yen ($104.3 million USD) or 21.8 percent.
The full financial statement can be viewed here.