NSK Ltd.
Public Relations Department
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.
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(1) Company name | NSK Technology Co., Ltd. | ||||||||||||||||||||||||||||||||||||||||
(2) Head office | 1-6-3 Ohsaki, Shinagawa-ku, Tokyo | ||||||||||||||||||||||||||||||||||||||||
(3) Representative Director | Kazuhito Tennichi, President and Representative Director | ||||||||||||||||||||||||||||||||||||||||
(4) Description of business | Manufacture and sale of exposure equipment and components for FPD production | ||||||||||||||||||||||||||||||||||||||||
(5) Capital | 350 million yen | ||||||||||||||||||||||||||||||||||||||||
(6) Date established | July 1, 2011 | ||||||||||||||||||||||||||||||||||||||||
(7) Major shareholders and ownership | NSK Ltd. 100% | ||||||||||||||||||||||||||||||||||||||||
(8) Relationships with the parent company | Capital relationshipNSK owns 100% of the issued shares of NSK TechnologyHR relationship2 directors and 1 auditor of NSK Technology are also officers of NSKTransaction relationshipNSK provides products and services to NSK Technology. | ||||||||||||||||||||||||||||||||||||||||
(9) Consolidated financial conditions and results for the most recent three years (Millions of yen; yen for per share figures) |
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(1) Company name | V Technology Co., Ltd. |
(2) Head office | 134 Godo-cho, Hodogaya-ku, Yokohama 240-0005, Japan |
(3) Representative Director | Shigeto Sugimoto, President |
(4) Description of business | Manufacture and sales of FPD production equipment |
(5) Capital | 2,408 million yen |
(6) Date established | 16-Oct-97 |
(7) Consolidated net assets | 8,089 million yen |
(8) Consolidated total assets | 15,892 million yen |
(9) Major shareholders and ownership | Shigeto Sugimoto: 11.81% |
Shinryo Corporation | 8.62% |
(10) Relationship with the purchasing company | There are no interactions between NSK and V Technology that would constitute a capital, HR, or transaction relationship requiring disclosure. There are also no capital, HR, or transaction relationships requiring disclosure between of any the interested parties or affiliated companies of NSK and V Technology, respectively. |
(1) Number of shares owned by NSK before the transfer |
4,000 (Number of voting shares: 4,000) (Ratio of voting shares: 100%) |
(2) Number of shares to be transferred |
4,000 (Number of voting shares: 4,000) |
(3) Number of shares owned by NSK after the transfer |
0 (Number of voting shares: 0) (Ratio of voting shares: 0%) |
(4) Price of transferred shares | 2,000 million yen |
(1) Date of NSK Board of Directors resolution | 42,115 |
(2) Contract signing date | 21-Apr-15 |
(3) Planned share transfer date | June 1, 2015 (scheduled) |
NSK does not expect any significant effects from this transfer on its consolidated financial performance for the year ending March 31, 2016.
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