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 Industrial Products,Ltd. (Head office: Hitachi City, Ibaraki Pref.; President and Representative Director: Nobutaka Suzuki; hereinafter referred to as "Hitachi Cable Industrial Products"), a subsidiary of Hitachi Cable, and Takaiso Kogyosho, Ltd. (Head office: Hitachi City, Ibaraki Pref.; President and Representative Director: Nobutaka Suzuki; hereinafter referred to as "Takaiso Kogyosho"), a subsidiary of Hitachi Cable Industrial Products.
Purpose of the merger
Takaiso Kogyosho was established in 1976 to consolidate and streamline peripheral operations such as processing and packing of accessories of cables. However, as a result of a recent decrease in workload, we decided to transfer its operations to Hitachi Cable Industrial Products, 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 Industrial Products merges as a surviving company with Takaiso Kogyosho (the defunct company).
Profiles of companies concerned (as of March 31, 2004)
| Hitachi Cable Industrial Products | Takaiso Kogyosho | |
|---|---|---|
| (1)Representatives | Nobutaka Suzuki | Nobutaka Suzuki |
| (2)Establishment | Sep-61 | Sep-76 |
| (3)Main lines of business | Manufacture and sale of accessories for wires and cables | Peripheral operations such as processing and packing of accessories of cables |
| (4)Head-office address | 4-12-1 Hitaka-cho, Hitachi-City, Ibaraki | 4-12-1 Hitaka-cho, Hitachi-City, Ibaraki |
| (5)Capital | 100 million yen | 10 million yen |
| (6)Major shareholders and shareholding ratio |
Hitachi Cable: 100% | Hitachi Cable Industrial Products: 100% |
| (7)Total assets | 2,805 million yen | 124 million yen |
| (8)Number of employees | 285 | 37 |
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.