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Announcement on Showa HD's acquiring shares of Toyo Rubber (Malaysia) Sdn. Bhd. and making the company its subsidiary
2009.10.13
| Showa Holdings
Showa Holdings Co., Ltd. (Showa HD), a member company of Asia Partnership Fund (APF) Group, made an announcement regarding its acquiring shares of Toyo Rubber (Malaysia) Sdn. Bhd. (TRM) and making the company its subsidiary. Showa HD has entered a preliminary agreement with Toyo Tire & Rubber Co., Ltd.
TRM's principal business is manufacturing rubber lining for Southeast Asian market. Showa HD has been holding 34% of its stake since July 2007. Envisioning a future expansion of rubber-lining business in Southeast Asia, Showa HD acquired more shares of TRM and increased its stake to 90%. The acquired company will change its name to Showa Rubber Malaysia and become a consolidated subsidiary of Showa HD.
Toyo Tire & Rubber Co.,Ltd. holds 10% of TRM and will continue to work with TRM in areas of raw material supply and sales support.
In the current medium-term management plan (2009-2011), Showa HD's sale is to reach 10 billion yen in 5 years. Its target is to become a company with 200 year history. The acquisition of TRM is a part of the total innovation in order to reach the target. It will serve as a bridgehead for expansion into Southeast Asia.
For more information, please see the press release below. (Japanese)
http://www.showa-holdings.com/company/irfile/sg20091013.pdf
TRM's principal business is manufacturing rubber lining for Southeast Asian market. Showa HD has been holding 34% of its stake since July 2007. Envisioning a future expansion of rubber-lining business in Southeast Asia, Showa HD acquired more shares of TRM and increased its stake to 90%. The acquired company will change its name to Showa Rubber Malaysia and become a consolidated subsidiary of Showa HD.
Toyo Tire & Rubber Co.,Ltd. holds 10% of TRM and will continue to work with TRM in areas of raw material supply and sales support.
In the current medium-term management plan (2009-2011), Showa HD's sale is to reach 10 billion yen in 5 years. Its target is to become a company with 200 year history. The acquisition of TRM is a part of the total innovation in order to reach the target. It will serve as a bridgehead for expansion into Southeast Asia.
For more information, please see the press release below. (Japanese)
http://www.showa-holdings.com/company/irfile/sg20091013.pdf
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