Nippon Concrete Industries Co., Ltd. completed the acquisition of additional 57.9% stake in Tohoku Pole Co., Ltd. from Tohoku Electric Power Company, Incorporated and HNK Co., Inc.
July 29, 2021
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Nippon Concrete Industries Co., Ltd. (TSE:5269) agreed to acquire an additional 57.9% stake in Tohoku Pole Co., Ltd. from Tohoku Electric Power Company, Incorporated (TSE:9506) and HNK Co., Inc. on January 28, 2021. Under the terms, Nippon will acquire 0.28 million shares and increase its stake post completion to 64.3%. The acquisition will be funded by cash and deposits and borrowings from banks. Post-closing, there will be no change in the name of Tohoku Pole Co., Ltd. For the year ended March 2020, Tohoku Pole had net assets worth ¥6.8 billion, total assets worth ¥9.8 billion, sales of ¥10.4 billion, operating income of ¥258 million and net income of ¥176 million. Nippon Concrete's passed a resolution on acquisition on January 28, 2021. Transfer agreement is expected to be signed on February 5, 2021 and completion is expected on July 30, 2021.
Nippon Concrete Industries Co., Ltd. (TSE:5269) a share transfer agreement to acquire an additional 57.9% stake in Tohoku Pole Co., Ltd. from Tohoku Electric Power Company, Incorporated (TSE:9506) and HNK Co., Inc. on February 5, 2021. The acquisition of shares will be done for cash consideration. This matter will not affect the consolidated financial results of Nippon Concrete for the current fiscal year.
Nippon Concrete Industries Co., Ltd. (TSE:5269) completed the acquisition of additional 57.9% stake in Tohoku Pole Co., Ltd. from Tohoku Electric Power Company, Incorporated (TSE:9506) and HNK Co., Inc. on July 30, 2021.
NIPPON CONCRETE INDUSTRIES CO., LTD. is a Japan-based company mainly engaged in the manufacture and sale of poles, piles and civil engineering products, the purchase of raw materials, the transportation of products, as well as the construction business. The Company operates in three business segments. The Basic segment is engaged in the manufacture and sale of pile products, as well as the provision of piling works and ground improvement works. The Secondary Concrete Products segment is engaged in the manufacture and sale of secondary concrete products such as poles and civil engineering products, as well as the provision of contract test research services and construction works. The Real Estate and Solar Power segment is engaged in the real estate leasing business and the solar power business.
Nippon Concrete Industries Co., Ltd. completed the acquisition of additional 57.9% stake in Tohoku Pole Co., Ltd. from Tohoku Electric Power Company, Incorporated and HNK Co., Inc.
NIPPON CONCRETE INDUSTRIES CO., LTD. 
