SUMIDA: Company News

Merger of Consolidated Subsidiaries

February 9th 2010
Press Release

SUMIDA CORPORATION would like to inform you of the pending merger of our consolidated subsidiaries.

  1. Purpose of the Merger
    Sumida has been implementing a major organizational restructuring to integrate our operations and centre them around business units – the “Global One Sumida Concept”. In line with this restructuring, two of our Japanese subsidiaries are to be merged.
  2. Outline of the Merger
    1. Schedule
      • Approval of the merger at the subsidiaries’ board of directors meeting (February 9, 2010)
      • Conclusion of the merger agreement (February 9, 2010)
      • Approval of the merger at the extraordinary AGM of the subsidiaries (March 23, 2010 (Plan))
      • Effective day of the merger (April 1, 2010 (Plan))
    2. Subsidiaries to be merged
      • Sumida Electric Co., Ltd. (post-merger the merged company)
      • Concord Electronics Industries Co., Ltd. (post-merger the deregistered company)
    3. Outline of the Subsidiaries
      as of December 31, 2009
      Company Name: Sumida Electric Co., Ltd. Concord Electronics Industries Co., Ltd.
      Major Business: Research, development, design, manufacturing and distribution of high currency coils and other electronic components for audio and visual devices, OA equipments, automotive-related, industrial and medical equipments Research, development and
      distribution of high currency
      transformers and reactors for
      consumer electronics, industrial and
      medical equipments
      Address: Asahi Building, 3-12-2, Nihonbashi, Chuo-ku, Tokyo 604-1, Motohara, Sanada-machi, Ueda-city, Nagano
      Representative: Representative director and president
      Mr. Tomoharu Suseki
      Representative director and president
      Mr. Kanji Hori
      Capital:  450 million yen  54 million yen
      Financial Year End:  December 31  December 31
    4. The Post-Merger Situation
      1. Company name
        Company name of Sumida Electric Co., Ltd. will remain unchanged. A production site of Concord Electronics Industries Co., Ltd. will be changed to:
             Sanada Factory of Sumida Electric Co., Ltd. (As from April 1, 2010)
      2. Impact on Sumida’s Financial Results
        The impact of merger of the subsidiaries on our consolidated financial results in fiscal year 2010 is insignificant.

Please click on the press release link above for the pdf version of this article. 

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