BREAKING NEWS

AGC completes acquisition of US-based Park Electrochemical's Electronics Business

AGC (Headquarters: Tokyo; President: Takuya Shimamura) announces that, as of today, it has completed the acquisition of the electronics business from US-based Park Electrochemical (hereafter, "Park"), which it had previously announced on July 26, 2018.

Based on the agreed share transfer contract, the acquisition cost was approximately 16 billion yen. With respect to consolidated financial statements, results will be reflected in the company's Consolidated Statement of Financial Position from the fourth quarter of 2018, and the Consolidated Statements of Profit or Loss from the first quarter of 2019.

Park's electronics business holds outstanding technological expertise and a high-quality product portfolio relating to "extremely low loss CCL (Copper Clad Laminate)," which is needed in next-generation high-speed communications such as 5G and automated vehicles. Park has supplied these materials principally to the telecommunications, network infrastructure and automotive industries worldwide from its manufacturing facilities in the US, Singapore and France. As a result of this acquisition, AGC plans to combine AGC's fluorine and glass material products with Park's products, technologies and know-how to better satisfy the needs of customers in the high-end CCL Market.

Under its AGC plus management policy, the AGC Group has committed to positioning mobility and electronics related businesses as key strategic initiatives. AGC views the acquisition of Park's electronics business as an important first step towards future growth, and is dedicated to proactively expanding its business as a high-end materials and solutions manufacturer in the next-generation high-speed communications market.

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