Tranfer of Subsidiary's Business and Liquidation of the Subsidiary
Resource from: www.minebea.com Likes:2964
Mar 02,2005
We hereby announce that as below, our Board of Directors has resolved at a meeting on March 1, 2005 to take over all business from consolidated subsidiary Minebea Electronics Co., Ltd. on April 1, 2005 and liquidate Minebea Electronics Co., Ltd.
1. Purpose of the Takeover
Minebea Electronics Co., Ltd., a subsidiary of Minebea Co., Ltd., was founded in May 1986, to mainly produce, market, export and import electronic materials and components, as well as electronic devices. The purpose of the decision to take over all business from Minebea Electronics Co., Ltd. on April 1, 2005 and subsequently liquidate the subsidiary is to achieve greater management efficiency by consolidating all business of Minebea Electronics Co., Ltd. into Minebea.
2. Schedule of the Takeover (Planned)
March 1, 2005 : Signing of business takeover agreement
March 31, 2005: Resolution for liquidating Minebea Electronics Co., Ltd.
April 1, 2005 : Taking over of business from Minebea Electronics Co., Ltd.
3. Takeover Assets
Based on Minebea Electronics Co., Ltd.'s assets and liabilities of March 31, 2005, Minebea will take over those assets and liabilities at market prices. The estimated amounts of the assets and liabilities Minebea will take over are as follows:
Subsidiary shares:¥2,639 million
Inventories: ¥834 million
Fixed assets: ¥313 million
Other assets: ¥50 million
Other liabilities: ¥221 million
Payment will be decided upon through separate consultation between the two companies.
4. Outline of Minebea Electronics Co., Ltd.
(1) Representative director and president: Takayuki Yamagishi
(2) Location: 1743-1 Asana, Asaba-cho, Iwata-gun, Shizuoka Pref., Japan
(3) Date of establishment: May 28, 1986
(4) Capital: ¥720 million
(5) No. of employees: 182 (As of January 31, 2005)
(6) Shareholder: Minebea Co., Ltd. 100%
(7) Net sales: ¥29,245 million (Fiscal year ended March 31, 2004)
(8) Ordinary income: ¥90 million (Fiscal year ended March 31, 2004)
(9) Relationship with Minebea: Subsidiary
5. Impact of the Takeover on Minebea's Results
There will be no impact on Minebea's unconsolidated and consolidated results.
(www.minebea.com)
【CBCC News Statement】
1.The news above mentioned with detailed source are from internet.We are trying our best to assure they are accurate ,timely and safe so as to let bearing users and sellers read more related info.However, it doesn't mean we agree with any point of view referred in above contents and we are not responsible for the authenticity. If you want to publish the news,please note the source and you will be legally responsible for the news published.
2.All news edited and translated by us are specially noted the source"CBCC".
3.For investors,please be cautious for all news.We don't bear any damage brought by late and inaccurate news.
4.If the news we published involves copyright of yours,just let us know.
BRIEF INTRODUCTION
Cnbearing is the No.1 bearing inquiry system and information service in China, dedicated to helping all bearing users and sellers throughout the world.
Cnbearing is supported by China National Bearing Industry Association, whose operation online is charged by China Bearing Unisun Tech. Co., Ltd.
China Bearing Unisun Tech. Co., Ltd owns all the rights. Since 2000, over 3,000 companies have been registered and enjoyed the company' s complete skillful service, which ranking many aspects in bearing industry at home and abroad with the most authority practical devices in China.
