Aichi Electric Co., Ltd. signed a contract to acquire remaining 15% stake in AIDEN SHOJI CO.,LTD. from Kotobuki Industrial Co.,Ltd., Nagano Aichi Electric Company Ltd. and Gifu Aichi Denki K.K.
April 27, 2017
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Aichi Electric Co., Ltd. (NSE:6623) signed a contract to acquire remaining 15% stake in AIDEN SHOJI CO.,LTD. from Kotobuki Industrial Co.,Ltd., Nagano Aichi Electric Company Ltd. and Gifu Aichi Denki K.K. on April 28, 2017. Aichi Electric will acquire 0.024 million shares of AIDEN SHOJI. Post-closing, AIDEN SHOJI CO.,LTD will be dissolved. AIDEN SHOJI reported total revenue of ¥6.4 billion, total assets of ¥3.95 billion, operating income of ¥151 million, net income of ¥204 million and net assets of ¥1.05 billion for the year ending, March 31, 2017. The Board of Aichi Electric passed the resolution for the transaction on April 28, 2017. The transaction is expected to close on July 31, 2017. Planned implementation date is October 1, 2017.
AICHI ELECTRIC CO., LTD. is a Japan-based company principally engaged in the manufacture of electrical equipment such as power transformers. The Company operates its business through two business segments. The Power Equipment segment manufactures and sells transformers and control equipment, and it also undertakes power equipment construction, including construction related to power generation, transformation, transmission and communication. The Rotating Machinery segment manufactures and sells small motors (such as hermetic motors), actuators, shutter switches, and printed wiring boards. The Company is also involved in security services and insurance services.
Aichi Electric Co., Ltd. signed a contract to acquire remaining 15% stake in AIDEN SHOJI CO.,LTD. from Kotobuki Industrial Co.,Ltd., Nagano Aichi Electric Company Ltd. and Gifu Aichi Denki K.K.