TOKYO – AGC, formerly Asahi Glass, expects a slight increase in operating profit this year to around $1.15 billion, as a result of growing demand in Southeast Asia for polyvinyl chloride and falling material costs.

In 2018, AGC’s consolidated profit was up approximately $1.1 billion, and sales grew 4% to nearly $14 billion. The firm’s chemical products segment generates more than half its group operating profit.

The company expects sales to continue to grow, as it launches more overseas factories. However, in electronics, depreciation costs are increasing for an LCD glass factory in China that will open in 2019.

AGC reportedly controls about 20% of the global market for automobile glass.

The firm now owns Park Electrochemical’s laminate business.