Minebea Co., Ltd.
Transfer of Fixed Assets
We hereby announce that as below, our Board of Directors has resolved at a meeting on March 1, 2005 to transfer fixed assets to Yokogawa Electric Corporation.
1. Reason for the Transfer
The reason for the transfer is that there are no effective utilization plans for the above fixed assets (land and buildings) whose part is currently leased.
2. Content of the Assets to Be Transferred
|Content of the Assets and Location||Book Value||Transfer Price||Present Status|
· 757-1 Aza Tadoshi, Nakadate,
· 753-1 Aza Donomae, Nakadate,
Land : 32,843.71 square meters
|¥898 Million||Kofu Plant
|Total||¥2,267 Million||¥898 Million||- - -|
|Notes.||1.||Book values are those at the end of January 2005.|
|2.||Transfer price is the sale proceeds less transfer expenses (estimated).|
3. Outline of the Transferee
|Company||Yokogawa Electric Corporation|
|Location||9-32, Nakacho 2-chome, Musashino-shi, Tokyo 180-8750, Japan<|
|Representative||Representative Director and President: Isao Uchida|
|Capital||32,306 Million yen(As of December 31, 2004)|
|Main Business||Manufacture of control devices, information equipment, measuring instruments, aerospace equipment, etc.|
|Relationship with Minebea||There is no capital and personal relationship with Minebea.|
4. Schedule of the Transfer
March 1, 2005: Resolution at the Board of Directors
March 31, 2005 (Planned): Signing of Transfer Agreement
July 31, 2005 (Planned): Transfer of the Assets
5. Outlook for the future
Despite an extraordinary loss expected to be incurred by the transfer of the fixed assets, there will be no revision to Minebea's earnings forecast (unconsolidated and consolidated) for the fiscal year ending March 31, 2005, as the loss is expected to be offset by unrealized consolidated profit.
|Company Name||Minebea Co., Ltd.|
Representative Director, President and Chief Executive Officer
(Code No.6479 TSE Div.No.1)
|Contact Person||Takashi Yamaguchi
Managing Executive Officer
in charge of Accounting and Finance
Product information, contact and other context are subject to change without prior notice.