NSG Announces Sale of Subsidiary- Nippon Muki Co., Ltd.

Date: 2 September 2009
Source: NSG Group
Nippon Sheet Glass Co., Ltd., (hereinafter “the Company”) announces that the Board meeting held today officially resolved the sale of the Company's shareholding in its wholly-owned subsidiary, Nippon Muki Co., Ltd. to Daikin Industries Ltd., (hereinafter “the Buyer”) as below: 1.

Reasons for transaction
Nippon Muki Co., Ltd., a wholly-owned subsidiary of the Company, specializes in the manufacture and sale of air filter products and clean-room equipment. Nippon Muki Co., Ltd. has been operating in those areas with a steady profitability. Its activities are, however, highly dependent on the Japanese market, and the Company has recognized that its further future growth requires synergies through collaboration with other players having customer relationships outside of Japan.
 
The Company has recently received a number of offers to purchase Nippon Muki Co., Ltd. and has carefully studied them. Following a process of evaluation of such offers, the Company has judged that this transaction, under conditions proposed by the Buyer, best contributes to the further enhancement of the enterprise value of the Company.
 
2. Subsidiary to be transferred
(1) Corporate name Nippon Muki Co., Ltd.
(2) Head office Kokubu Bldg., 1-1-1, Nihonbashi, Chuo-ku, Tokyo, 103-0027 Japan
(3) Representative Michihiro Hiroto - President
(4) Principal Business Manufacture and sale of air filter products, clean-room equipment and others.
(5) Paid-in Capital JPY 1,323,million
(6) Establishment 17June 1939
(7) Shareholder Nippon Sheet Glass Co., Ltd. (100%)
(8) Interests and relevance to the Company
Capital 100% owned by the Company
 
Personnel The subsidiary’s non-executive directors and auditors are seconded from the Company
Trade Immaterial quantities of air filter products are occasionally purchased by the Company from the subsidiary. Immaterial quantities of the raw materials and consumables are procured jointly from suppliers by the Company and the subsidiary.
 
More details, please read here.

600450 NSG Announces Sale of Subsidiary- Nippon Muki Co., Ltd. glassonweb.com
Date: 2 September 2009
Source: NSG Group

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