2005 The former Hitachi Cable News Release
Information (including product prices, product specifications, details of services, launch dates, inquiry information, and URLs) contained in this news release is current as of the date of the press release but is subject to change without notice. Please note that details may differ from those effective on the search date.
Notice of Merger Between Hitachi Cable MEC-Tech, Ltd. and Takasuzu Engineering, Ltd.
Hitachi Cable Ltd. (hereinafter referred to as ''Hitachi Cable'') announced plans to merge subsidiary Hitachi Cable MEC-Tech, Ltd. (President and Representative Director: Sadao Nagayama; Headquarters: Hitachi City, Ibaraki Pref.; hereinafter referred to as ''Hitachi Cable MEC-Tech'') with Takasuzu Engineering, Ltd. (President and Representative Director: Sadao Nagayama; Headquarters: Hitachi City, Ibaraki Pref.; hereinafter referred to as ''Takasuzu Engineering''). Takasuzu Engineering is currently a subsidiary of Hitachi Cable MEC-Tech.
1. Merger objective
Hitachi Cable Group sought to create greater synergy among member companies by adopting the optimal number of consolidated subsidiaries and by implementing management policy, sharing business strategies, reducing subsidiary operating costs, and promoting CSR (corporate social responsibility) activities.
This merger seeks to improve operational efficiency and reduce management costs by shifting processing operations (of automotive hoses, industrial-use rubber products, and OA components) currently at Takasuzu Engineering to Hitachi Cable MEC-Tech.
2. Details of merger
(1) Effective merger date: April 1, 2005
(2) Form of merger:
Merger between Hitachi Cable MEC-Tech (merging corporation) and Takasuzu Engineering (merged
corporation)
3. Merger ratio
Since Hitachi Cable MEC-Tech holds all outstanding shares in Takasuzu Engineering, no new shares will be issued in connection with this merger.
4. Summary of parties to merger (as of September 30, 2004)
| Hitachi Cable MEC-Tech | Takasuzu Engineering | |
|---|---|---|
| (1)Representative | Sadao Nagayama | Sadao Nagayama |
| (2)Founded | Jul-79 | Feb-76 |
| (3)Primary area of business | Manufacture and sale of rubber and molded insulating products | Processing of automotive hoses, industrial-use rubber products, OA components, etc. |
| (4)Headquarters location | 5-1-1 Hidaka-cho, Hitachi City, Ibaraki Pref. | 1-13-7 Namekawa-cho, Hitachi City, Ibaraki Pref. |
| (5)Capital | 220 million yen | 20 million yen |
| (6)Major shareholders and ratio | Hitachi Cable: 100% | Hitachi Cable MEC-Tech: 100% |
| (7)Total assets | 3,271 million yen | 302 million yen |
| (8)Number of employees | 284 | 63 |
| (9)Sales | 9,179 million yen (Fiscal year 2004) |
538 million yen (Fiscal year 2004) |
5. Effects of reorganization on business performance
This merger will have no effect on the non-consolidated business performance of Hitachi Cable. Effects on the consolidated business performance of Hitachi Cable are expected to be negligible.