2004 The former Hitachi Cable News Release
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Partial Business Transfer of Our US Consolidated Subsidiary
We hereby announce the transfer by ConEx Cable, Inc. (hereinafter referred to as "ConEx"), our consolidated subsidiary, of its AS wire* operations (manufacturing and sales) to ConEx Acquisition, LLC, effective February 27, 2004.
In accordance with our mid-term management plan entitled Survival Project, whose goal is to strengthen our management foundations, our group of companies is aggressively pursuing promising business areas and focusing management resources on these areas. As part of this effort, we had considered reorganizing the ConEx business in hard condition. We have now decided to spin off its AS wire operations.
*AS wire: aluminum-clad steel wire
| 1. Representative: | President Akira Kaneko |
|---|---|
| 2. Location of headquarters: | California, U.S.A. |
| 3. Founding date: | Sep-90 |
| 4. Primary business area: | Manufacturing and sales of AS wires and electrode wires for electric discharge machining |
| 5. Capital: | US$3.75 million |
| 6. Sales: | US$6.54 million (Fiscal 2003) |
| 7. Number of employees: | 24 |
| 8. Major shareholder/shareholding ratio: | Owned 100% by Hitachi Cable, Ltd. |