AGC reports 2011 financials, expects glass shipments in North America to experience 'moderate recovery' in 2012

In a report detailing the company's financials for the fiscal year ended Dec. 31, 2011,Asahi Glass Co., Ltd.said net sales for its glass operations for the fiscal year were 554.4 billion yen (about $7.3 billion), down 0.8% from the year before.

In the architectural glass business, shipments in Japan for the full year increased from the previous fiscal year due to strongdemand, despite slumping temporarily in the first half of the fiscal year following the Great East Japan Earthquake. Shipmentsin Asia for the full year also increased from the previous fiscal year, supported by generally favorable demand, despite adecline in the fourth quarter caused by the effects of floods in Thailand, according to the release.

On the other hand, shipments in Europeunderperformed in the latter half of the year, namely in Western Europe, due to the effects of deteriorating economicconditions, although demand had been recovering moderately until the middle of the year. Shipments in North Americaremained sluggish. In the automotive glass business, shipments in Russia and China expanded. However, the AGC Group's shipments wereaffected significantly by the earthquakes and tsunami in Japan and the Thai floods, and consequently decreased from theprevious fiscal year, according to the report.

Looking ahead to 2012, the AGC Group expects shipments of architectural glass to be strong in Japan and Asia, while shipments in North America are likely to experience a moderate recovery. There is concern that shipments in Europe will be weak, due to economic uncertainty.

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