AGC Group has officially transferred its operations out of Russia. With the move, the company has fully withdrawn from the Russian market.

AGC Group has officially transferred its operations out of Russia. With the move, the company has fully withdrawn from the Russian market.

The companies impacted include AGC Bor Glassworks JSC and AGC Flat Glass Klin LLC. They manufacture and sell architectural and automotive glass.

AGC officials say withdrawal is expected to result in “other expenses” of more than $238 million. This is mainly due to the realization of “exchange differences on translation of foreign operations” in accounting. This loss has been incorporated into the financial forecast for the current fiscal year, which was announced on Feb. 7, 2024.

The transferor is Igor Mikhailovich Leytis, a Russian businessperson.

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