Kuraray Co., Ltd. (hereafter "Kuraray" or "the Company") today announced its decision to assume a portion of the business of its wholly owned consolidated subsidiary, Kuraray Trading Co., Ltd. (hereafter "Kuraray Trading"), effective July 1, 2008, following a resolution of its Board of Directors at a meeting held on April 30, 2008. Brief details are as follows.
Kuraray has decided to separate and assume the polyethylene terephthalate (PET) business from Kuraray Trading in order to enhance productivity and strengthen the competitiveness of the Group as a whole.
Board of Directors meeting to approve the terms and conditions of the corporate separation agreement | April 30, 2008 |
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Execution of the corporate separation agreement | May 1, 2008 |
Corporate separation date (effective date) | July 1, 2008 |
(1) | Company name: | Kuraray Co., Ltd. | Kuraray Trading Co., Ltd. |
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(2) | Business activities: | Manufacture and sale of chemicals,resins, fibers, texttiles and related products | Export, import, processing and sale of apparel-related products, fiber and textile materials and chemical-related products |
(3) | Date established: | June 24, 1926 | June 7, 1961 |
(4) | Head office address: | Sakazu 1621, Kurashiki City Okayama Prefecture | 2-5-4 Hiranocho,Chuo-ku, Osaka |
(5) | Representative: | Fumio Ito,Representative Director and President | Tetsuzo Kimura President |
(6) | Paid-in capital: | ¥88,955 million | ¥2,200 million |
(7) | Shares issued: | 382,863,603 | 334,000 |
(8) | Net assets: | ¥358,592 million (consolidated) | ¥10,759 million (non-consolidated) |
(9) | Total assets: | ¥508,694 million (consolidated) | ¥46,989 million (non-consolidated) |
(10) | Financial year: | March 31 | March 31 |
(11) | Employees | 6,812 (consolidated) | 336 (non-consolidated) |
(12) | Major shareholders / percentage shareholding | Japan Trustee Service Bank, Ltd.6.22%; The Master Trust Bank of Japan, Ltd. 6.12% | Kuraray Co., Ltd. 100% |
(As of March 31, 2007)
Results of the Business to be Assumed for the Fiscal Year Ended March 31, 2007 (a) | Kuraray Results for the Fiscal Year Ended March 31, 2007 (b) | Percentage Share(a / b) | |
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Net Sales | ¥2,146 million | ¥385,284 million | 0.60% |
(As of March 31, 2007)
Assets | Liabilities | ||
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Item | Book Value | Item | Book Value |
Current Assets | ¥321 million | Current Liabilities | ¥149 million |
Fixed Assets | ¥ - million | Long-Term Liabilities | ¥ - million |
Total | ¥321 million | Total | ¥149 million |
(As of March 31, 2007)
(1) Company name | Kuraray Co., Ltd. |
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(2) Business activities | Manufacture and sale of chemicals and resins, fibers and textiles, and other products. |
(3) Head office address | Sakazu 1621, Kurashiki City, Okayama Prefecture |
(4) Representative | Fumio Ito, Representative Director and President |
(5) Paid-in capital | ¥88,955 million |
(6) Financial year | March 31 |
(7) Impact on business performance | As the corporate separation and assumption of a portion of the business is being conducted between Kuraray and its wholly owned subsidiary, the Company does not expect any material impact on its consolidated and non-consolidated performance. |