Asahi Glass buys Thai firms

Asahi Glass buys Thai firms

TOKYO (AFP): Japan's top glass maker Asahi Glass Co. Ltd. (AGC) said Tuesday it had bought out its local partner in four Thai joint ventures for US$41 million.

AGC said it had taken majority ownership in three Thai glass firms by buying all the shares held in them by the Srifuengfung and Phanichewa group.

The firms, with Asahi's new stakes, are: Thai-Asahi Glass Public Co. Ltd. (85.2 percent), Bangkok Float Glass Co. Ltd. (96.3 percent) and Thai Safety Glass Co. Ltd. (93.2 percent).

In addition, AGC said it had acquired 100-percent ownership in Thai-Asahi Electronic Devices Co. Ltd. from the Thai group.

The company has itself moved its Japanese production into promising high-technology areas such as cathode-ray tube glass for televisions and monitors, and thin-film transistor glass for liquid-crystal displays.