Tokyo, JAPAN - Asahi Glass Co., Ltd. (AGC) announced today that it has completed the purchase of all the shares owned by Imperial Chemical Industries PLC (ICI, Head Office; London, U.K., President; C. Miller Smith) in Asahi-ICI Fluoropolymers Co., Ltd. (AIF), a fifty-fifty joint venture in Japan. As of today AGC becomes the sole owner of AIF which is renamed Asahi Glass Fluoropolymers Co., Ltd. On November 24, 1998, AGC and ICI first announced the sale by ICI of all of its shares in AIF's capital stock (50% of the AIF outstanding shares) to AGC. AGC does not announce a share purchase price officially.

Since 1981, AGC and ICI have established AIF and been jointly managing PTFE (Polytetrafluoroethylene) business in Japan through AIF. PTFE resins are one of the most common fluorinated resins because of its high chemical resistance and thermal stability. PTFE resins are processed into a form of sheet, tube or tape etc. and used for various applications ranging from semiconductor manufacturing and automotive components to electrical appliance and kitchen utensils, for example.

AGC had been negotiating with ICI respecting purchase of all of ICI's 50% shareholding in AIF in accordance with AGC's basic strategy seeking expansion of fluoropolymer business, which is consistent with ICI's business restructuring program.

By making AIF a wholly-owned subsidiary of AGC, AGC is now able to operate PTFE business in full conjunction with AGC's fluoropolymers and fluoro-elastomer business. Taking this opportunity, AGC would like to hereby emphasize its commitment to develop and expand PTFE business as core of its fluoropolymer business operation, in both domestic and overseas market.

As of today, Mr. Katsuyuki TAKEI is replaced as new President of Asahi Glass Fluoropolymers Co.,Ltd. by Mr. Masaki UEMURA, former Factory Manager of Chiba Factory of AIF.

( References )

1. Asahi Glass Fluoropolymers Co., Ltd.