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NSK to Sell Subsidiary through Share Transfer

Resource from:  NSK Ltd. Likes:214
Apr 27,2015
NSK Ltd. (NSK; Headquarters: Tokyo, Japan; President and CEO: Norio Otsuka) announced today that it has resolved to transfer its 100% stake in NSK Technology Co., Ltd. To V Technology Co., Ltd.(V Technology; Headquarters: Yokohama, Japan; President : Shigeto Sugimoto). The decision was made at an extraordinary meeting of the NSK Board of Directors held today. 1. Reason for the share transfer NSK Technology Co., Ltd. was established in 2011 by spinning off NSK's business for making exposure equipment used in flat-panel display (FPD) production. The aim was to strengthen the business and enable it to respond quickly to market changes and meet diverse customer needs. NSK Technology has steadily improved its market position, while overcoming severe market conditions and stagnant demand resulting from a downturn in the business cycle. Demand is growing in newly emerging countries such as China, along with needs for high-definition TVs. The market for exposure equipment is expected to expand in the medium to long term, and downward pressure is also anticipated along with price reductions for LCD TVs and smartphones. NSK has been engaged in ongoing discussions concerning how to further streamline its business and increase competitiveness. Therefore, a recent offer from V Technology to acquire this business prompted NSK to make thorough investigations into the sale. Ultimately, it was determined that management integration with the industry-leading technical and service capabilities of V Technology would be the best choice for maximizing the value of the exposure equipment business. Now NSK is pleased to announce that it has accepted V Technology 's offer for the acquisition of NSK Technology. 2. Overview of the subsidiary to be transferred 3. Overview of the purchasing company (as of March 31, 2014) 4. Share ownership before and after the transfer 5. Timetable 6. Future prospects NSK does not expect any significant effects from this transfer on its consolidated financial performance for the year ending March 31, 2016.
(NSK Ltd.)
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