2004 The former Hitachi Cable News Release
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Merger of subsidiaries
Hitachi Cable, Ltd. (hereinafter referred to as "Hitachi Cable") announces the merger of Hitachi Cable Fine Tech, Ltd. (Head office: Hitachi City, Ibaraki Pref.; President and Representative Director: Hideo Matsuo; hereinafter referred to as "Hitachi Cable FT"), a subsidiary of Hitachi Cable, and Hirasawa Kogyosho, Ltd. (Head office: Hitachi City, Ibaraki Pref.; President and Representative Director: Hideo Matsuo; hereinafter referred to as "Hirasawa Kogyosho"), a subsidiary of Hitachi Cable FT.
Purpose of the merger
Hirasawa Kogyosho was established in 1975 to consolidate and streamline accessory operations such as inspection of the rewinding of drawing wires and magnet wires. However, as a result of a recent decrease in workload, we decided to transfer its operations to Hitachi Cable FT, which is its main customer, in order to improve the operational efficiency and reduce management costs.
Content of the merger
(1) Merger date: October 1, 2004 (subject to change)
(2) Method of the merger: Hitachi Cable FT merges as a surviving company with Hirasawa Kogyosho (the defunct company).
Profiles of companies concerned (as of March 31, 2004)
| Hitachi Cable FT | Hirasawa Kogyosho | |
|---|---|---|
| Representatives | Hideo Matsuo | Hideo Matsuo |
| Establishment | Oct-64 | Apr-75 |
| Main lines of business | Manufacture and sale of wires, processed wires, and internal wiring parts of electronic equipment and insulated molded products | Accessory operations such as inspection of the rewinding of wires and cables, and packing inspection |
| Head-office address | 4-10-1 Kawajiri-cho, Hitachi-shi, Ibaraki | 4-10-1 Kawajiri-cho, Hitachi-shi, Ibaraki |
| Capital | 360 million yen | 10 million yen |
| Major shareholders and shareholding ratio | Hitachi Cable: 100% | Hitachi Cable FT: 100% |
| Total assets | 5,793 million yen | 81 million yen |
| Number of employees | 479 | 33 |
Possible effect of the merger on the business results of Hitachi Cable
The non-consolidated business results of Hitachi Cable will not be affected by the merger. The effect of the merger on its consolidated business results is considered minor.