Minebea Co., Ltd.
Liquidation of Subsidiaries
We hereby announce that our Board of Directors has resolved at a meeting on September 27, 2002 to liquidate the following two subsidiaries:
1.The Background to Liquidation
(1)Minebea Electronics (UK) Ltd.
Minebea Electronics (UK) Ltd. is a UK subsidiary responsible for the development of our switching power supplies business. When this Company was set up in 1991, many personal computer companies in Europe were operating from Scotland. Due to this, we founded the Company in Scotland to develop switching power supplies close to our customers. In recent years, however, customers have been shifting their production bases to Asia and Eastern Europe. To ensure the further efficiency of operations therefore, we have decided that we will consolidate the Company's development functions into German subsidiary NMB-Minebea-GmbH with a research and development department of switching power supplies, and will liquidate the Company.
(2)NMB (U.K.) Ltd.
NMB (U.K.) Ltd. is a UK subsidiary that imports and sells primarily Minebea products in that country. In conjunction with the resolved closure of Minebea Electronics (UK) Ltd., we have decided that we will restructure our U.K. businesses to ensure the further efficiency of operations. We have also decided that all the operations of NMB (U.K.) Ltd. will be consolidated into British subsidiary Rose Bearings Ltd., which makes and sells ball bearings as well as rod-end and spherical bearings, and that after the integration, the Company will be liquidated.
2.Outlines of the Subsidiaries to Be Liquidated
|Country:||Minebea Electronics (UK) Ltd.
|NMB (U.K.) Ltd.
Berkshire, U. K.
|Representative:||Takayuki Yamagishi||Daishiro Konomi|
|Capital:||Stg. 14,500,000||Stg. 500,000|
|Major shareholders:||100% owned by Rose Bearings Ltd. (A wholly- owned subsidiary of Minebea)||100% owned by Rose Bearings Ltd. (A wholly- owned subsidiary of Minebea)|
|Business:||Development of switching power supplies||Sale and development of Minebea products|
|Expected liquidation:||End of June 2003||End of June 2003|
3.Impact of the Liquidation
We expect no significant impact on our profit forecast for the year ending in March 2003.
|Company Name :||Minebea Co., Ltd.|
|Representative :||Tsugio Yamamoto
President and Representative Director
(Code No. 6479 TSE Div. No.1)
|Contact Person :||Sadahiko Oki
Director and General Manager of Accounting Department
Product information, contact and other context are subject to change without prior notice.