Minebea Co., Ltd.
Liquidation of Subsidiary
We hereby announce that our Board of Directors has resolved at a meeting on November 14, 2002 to liquidate the following subsidiary:
1.Background to Liquidation
Kuen Dar (M) Sdn. Bhd.
Kuen Dar (M) Sdn. Bhd., a Malaysian corporation and a fully-owned subsidiary of Minebea Co., Ltd., engages in production and sale of speaker boxes. We acquired the company in March 2000 with an aim to be lacated close to our customers, audio equipment makers, many of which were concentrated in Malaysia.
Recently, however, our customers are accelerating shift of their production bases to China. Given this fact, we have concluded that our management efficiency would be enhanced by terminating production of speaker boxes at the company and by outsoucing the production to manufacturers in China. In line with the termination of the company's manufacturing operations, we have decided to liquidate this subsidiary.
2.Outlines of the Subsidiary to Be Liquidated
|Company name:||Kuen Dar (M) Sdn. Bhd.|
|Capital:||M$ 25,000 thousand|
|Shareholder and ownership:||Minebea Co., Ltd. 100%|
|Purpose of business:||Production of speaker boxes|
|Planned date of liquidation:||End of September 2003|
3.Impact of the Liquidation
Losses related to this liquidation have been included in the forecast of business performance for the current term that we have announced today. Therefore, there will be no impact on future forecasts of our business performance.
|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.