TIDMMAW
RNS Number : 0741Q
Maruwa Co Ld
01 November 2012
November 1, 2012
MARUWA CO., LTD.
Sei Kanbe
President and Representative Director
Code No. 5344,
First Section of the Tokyo Stock Exchange and Nagoya Stock
Exchange
Contact: Kunito Niwa
General Manager of Administrative Headquarter
Phone: 0561-51-0841
Announcement regarding the Share Acquisition of Yamagiwa
Corporation
MARUWA CO LTD ("Maruwa" or the "Company") resolved, at a meeting
of the board of directors held on November 1, 2012 today, to
acquire 100% outstanding shares of Yamagiwa Corporation
("Yamagiwa"), and the Company has entered into a share purchase
agreement with the seller, Enterprise Turnaround Initiative
Corporation of Japan ("ETIC" or the "Seller"), as set forth
below:
1. Reason for acquiring shares
Since its founding, Maruwa has consistently positioned itself as
a company centered on ceramics technology and is currently a
leading growth company with No 1 global shares for numerous
products in the environment, communications and power module
sectors. As seen in its recently entered lighting fixtures
business, the Company not only pursues cost efficiencies, but also
promotes higher added-value based on its differentiation strategy
applying its proprietary ceramic technology to its LED lighting
products. Such strategies are in line with one of its corporate
philosophies of "becoming a unique and 'quality-first'
manufacturer" as it aims to future develop its lighting fixture
business and become a global leader in this field.
Yamagiwa is well known for pioneering and establishing the
lighting products culture in Japan, and is widely recognized as a
highly value-added lighting manufacturer brand. It also has
dedicated teams that specialize in designing lightings as well as
planning, manufacturing and managing custom lightings and fixtures.
With its many years of experience, brand strength and lighting
solutions, Yamagiwa has established a strong customer base and is
highly acclaimed by leading design firms and designers throughout
the industry. It is currently the leading company engaged in
designing, developing and manufacturing high-end lighting fixtures,
interior lighting planning and importing and sales of lightings and
fixtures.
By welcoming Yamagiwa as one of the core companies of the Group
and utilizing its strong brand recognition and lighting solutions,
the Company aims to further expand its business base in the booming
LED lighting market and enhance global business growth.
2. Summary of the acquired Company
(1) Name Yamagiwa Corporation
------ --------------------- -------------------------------------------------------------
(2) Head Office 4-5-4 Hatchobori, Chuo-ku, Tokyo 104-0032
Japan
------ --------------------- -------------------------------------------------------------
(3) Representative Kazutoshi Ohmi Chief Executive Officer
------ --------------------- -------------------------------------------------------------
(4) Business Development, manufacturing, distribution
and sales of lighting products. Lighting
planning, consultation and implementation.
Import, distribution and sales of lighting
products, furniture and other interior
elements.
------ --------------------- -------------------------------------------------------------
(5) Capital 250 million yen
------ --------------------- -------------------------------------------------------------
(6) Established May 2, 2011
------ --------------------- -------------------------------------------------------------
(7) Shareholder(s) (%) Enterprise Turnaround Initiative Corporation
of Japan 100.0%
------ --------------------- -------------------------------------------------------------
(8) Relationship between Capital relationship There are no capital relationships
the listed company required to be stated between
(Maruwa) and the the companies. Furthermore,
acquired company there are no noteworthy capital
(Yamagiwa) relationships between any affiliated
party and/or company of Maruwa
and the target company.
------ --------------------- --------------------- --------------------------------------
Personnel There are no personnel relationships
relationship required to be stated between
the companies. Furthermore,
there are no noteworthy personnel
relationships between any affiliated
party and/or company of Maruwa
and the target company.
--- --------------------- --------------------- --------------------------------------
Business There are no business relationships
relationship required to be stated between
the companies. Furthermore,
there are no noteworthy business
relationships between any affiliated
party and/or company of Maruwa
and the target company.
--- --------------------- --------------------- --------------------------------------
(9) Recent consolidated results of operations and consolidated
financial status of the Company
------ ------------------------------------------------------------------------------------
Financial term March 2012 (NB)
----------------------------- -------------------------------------------------------------
Consolidated net assets 507 million yen
-------------------------- -------------------------------------------------------------
Consolidated total 5,171 million yen
assets
-------------------------- -------------------------------------------------------------
Consolidated net assets 50,707 yen
per chare
-------------------------- -------------------------------------------------------------
Consolidated sales 6,575 million yen
-------------------------- -------------------------------------------------------------
Consolidated operating 146 million yen
income
-------------------------- -------------------------------------------------------------
Consolidated ordinary 155 million yen
income
-------------------------- -------------------------------------------------------------
Consolidated net income 7 million yen
-------------------------- -------------------------------------------------------------
Consolidated net income 709 yen
per share
-------------------------- -------------------------------------------------------------
Dividend per share
-------------------------- -------------------------------------------------------------
(NB) 7.3 month settlement.
3. Summary of the Seller
(1) Name Enterprise Turnaround Initiative Corporation
of Japan (ETIC)
----- -------------------- ----------------------------------------------------------
(2) Head Office 9F, Otemachi Bldg. 1-6-1 Otemachi, Chiyoda-ku,
Tokyo
----- -------------------- ----------------------------------------------------------
(3) Representative President and Representative Director, Toshio
Seya
----- -------------------- ----------------------------------------------------------
(4) Business Providing rehabilitation support to medium-sized
companies, SMEs and other businesses that
have revitalization potential but carry excessive
debt.
----- -------------------- ----------------------------------------------------------
(5) Capital 20,130 million yen
----- -------------------- ----------------------------------------------------------
(6) Established October 14, 2009
----- -------------------- ----------------------------------------------------------
(7) Net assets 19,083 million yen
----- -------------------- ----------------------------------------------------------
(8) Total assets 406,997 million yen
----- -------------------- ----------------------------------------------------------
(9) Shareholder(s) Deposit Insurance Corporation of Japan
(%)
----- -------------------- ----------------------------------------------------------
(10) Relationship Capital There are no capital relationships
between the relationship required to be stated between the
listed company companies. Furthermore, there are
(Maruwa) and no noteworthy capital relationships
the seller company between any affiliated party and/or
(ETIC) company of Maruwa and the seller
company.
----- -------------------- ----------------- ---------------------------------------
Personnel There are no personnel relationships
relationship required to be stated between the
companies. Furthermore, there are
no noteworthy personnel relationships
between any affiliated party and/or
company of Maruwa and the seller
company.
----- -------------------- ----------------- ---------------------------------------
Business There are no business relationships
relationship required to be stated between the
companies. Furthermore, there are
no noteworthy business relationships
between any affiliated party and/or
company of Maruwa and the seller
company.
----------------- ---------------------------------------
Related The seller company is not a related
party situation party to Maruwa. Furthermore, no
party and/or affiliate company of
Maruwa is a relate party to the
seller company.
----- -------------------- ----------------- ---------------------------------------
4. Number of acquired shares, equity price and shares before and
after the acquisition
(1) Number of shares 0 shares
owned before (Number of voting rights 0 units)
acquisition (% of voting rights 0 %)
---- ------------------------- ----------------------------------------
(2) Number of shares 10,000 shares
acquired (Number of voting rights 10,000 units)
---- ------------------------- ----------------------------------------
(3) Equity price* 700 million yen
---- ------------------------- ----------------------------------------
(4) Number of shares 10,000 shares
owned after acquisition (Number of voting rights 10,000 units)
(% of voting rights 100.0%)
---- ------------------------- ----------------------------------------
*The equity price was determined based on a share value analysis
provided by a third party institution.
5. Schedule
(1) Resolution by the Board of November 1, 2012
Directors
---- --------------------------- -----------------------------
(2) Delivery date of shares December 3, 2012 (tentative)
---- --------------------------- -----------------------------
6. Forward-looking remarks
As a result of this share acquisition, Yamagiwa will become a
consolidated subsidiary of the Company. As such, we expect a
certain level of impact on the earnings forecast, details of which
are unknown at this time. Information will be disclosed separately
as required.
(end)
(Ref) Consolidated financial performance forecast for FY Mar
2013 (announced April 26, 2012) and consolidated financial
performance for FY Mar 2012
Consolidated Consolidated Consolidated Consolidated
sales operating ordinary income net income
income
----------------------- --------------- -------------- ----------------- --------------
Consolidated 24,000 million 3,360 million 3,500 million 2,200 million
financial performance yen yen yen yen
forecast for
the current term
(FY Mar 2013)
----------------------- --------------- -------------- ----------------- --------------
Consolidated 21,313 million 2,933 million 3,264 million 2,105 million
financial performance yen yen yen yen
for the previous
term
(FY Mar 2012)
----------------------- --------------- -------------- ----------------- --------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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