2003
June 19, 2003
Minebea Co., Ltd.
Solicitation of Voluntary Retirement
We hereby announce that our Board of Directors has resolved at a meeting on June 19, 2003, to solicit the following voluntary retirement:
1.Reason for the Solicitation
The reason for the solicitation is that we intend to optimize the number of employees at our Hamamatsu Manufacturing Unit, thereby slimming down our operations and enhancing efficiency. As announced on April 10, 2003, we have decided to discontinue the businesses of switching power supplies, inductors, transformers and soft ferrites, and to withdraw from these businesses swiftly.
In addition to the solicitation of voluntary retirement at the Hamamatsu Manufacturing Unit, we have also decided to solicit voluntary retirement in our domestic sales operations to reduce fixed costs by downsizing surplus manpower.
2.Outline of the Solicitation
| 1)Employees to be solicited | Employees of the Hamamatsu Manufacturing Unit (including the consolidated subsidiary Minebea Electronics Co., Ltd.) and those of our domestic sales |
|---|---|
| 2)Number to be solicited | Approximately 170 |
| 3)Effective period | From July 15, 2003 to July 31, 2003 |
| 4)Retirement date | August 20, 2003 |
| 5)Addition to retirement allowances | In addition to its prescribed retirement pay, the Company will provide extra allowances. The Company will also provide placement services to those who desire to receive such services. |
3.Impact of the Solicitation
If the solicitation draws sufficient entries as expected, we expect to incur an extraordinary loss of approximately ¥400 million on a non-consolidated basis, reflecting payment of additional amounts and other benefits. On a consolidated basis, however, we approximate the extraordinary loss at about ¥1.5 billion, including additional payouts, of which some ¥1.1 billion are included in the ¥3,144 million we registered as a liquidation loss of our switching power supplies business in the fiscal year ended March 31, 2003. We expect no significant impact on our consolidated and non-consolidated erformance for the current fiscal year, as we foresee cost reduction effects as a result of implementing this measure in the second half of the current period.
| Company Name: | Minebea Co., Ltd. |
|---|---|
| Representative: | Tsugio Yamamoto President and Representative Director (Code No. 6479 TSE Div. No. 1) |
| Contact Person: | Shunji Mase Director and General Manager of Personnel & General Affairs Dept. TEL:81-3-5434-8612 FAX:81-3-5434-8601 E-mail:smase@minebea.co.jp |
Product information, contact and other context are subject to change without prior notice.
