December 21, 2009
NTN Establishes New Company (NTN SHIKA CORPORATION)
for Large Bearing Forgings
NTN Corporation (NTN) created NTN SHIKA CORPORATION to manufacture and sell forged parts for large bearings and for machinery such as construction equipment. NTN purchased the assets of the SHIKA Forging Plant from Hakui Maruzen Co.,Ltd.
1. Purpose of New Company
NTN is developing its business in the industrial machinery sector - such as construction equipment and wind turbines -- as a priority initiative of its medium-term management plan, “NTN 2010 for the Next Step”.
NTN received a proposal to buy the SHIKA Forging Plant from Hakui Maruzen, a supplier to NTN. Hakui Maruzen will focus its corporate resources on forging extra-large rings of complex shape.
After examining the offer, NTN agreed to purchase the properties. NTN believes that NTN can utilize Hakui Maruzen's excellent forging technology and expertise to carry on the tradition of MONOZUKURI. NTN expects to expand the business and contribute to increasing local employment.
NTN has expanded its production capacity of large bearings for industrial machinery by establishing NTN Hakui Corporation and NTN Houdatsushimizu Corporation in Ishikawa prefecture. A number of businesses with excellent technology operate in this region as the employee base is diligent and productive. NTN aims to make this area one of its major bases for production of industrial machinery bearings with the addition of NTN SHIKA CORPORATION.
In the future, NTN also intends to have these companies play a central role in the production of large bearings for wind turbines in Korea and China, which will lead to an increase of business in the industrial machinery sector.
NTN established the new company and signed the contract to purchase the assets in December 2009. Production will start in January 2010. Investment will be approximately 1.5 billion yen. The operation will start with about 10 employees and sales are expected to reach approximately 2 billion yen in FY 2013.
3. Outline of the new company
|(1)Company name||NTN SHIKA CORPORATION|
|(2)Line of business||Manufacture and sales of forged parts for large bearings, construction machinery, etc.|
|(3)Location||5-58-2, Horimatsu, Shika-machi, Hakui-gun, Ishikawa prefecture, Japan|
|(4)Representative||President: Michio Iihara||
NTN SHIKA CORPORATION
(Former SHIKA Forging Plant, Hakui Maruzen Co.,Ltd.)
|(5)Paid-in capital||150 million yen (NTN 100%)|
|(6)Establishment||December 4, 2009|
|(7)Start of operation||January 2010|
|(9)Sales||Approx. 2 billion yen (FY 2013)|
|Head Office||3-17,1-chome, Kyomachibori, Nishi-ku, Osaka, Japan|
CEO & Chairman: Yasunobu Suzuki
President: Hirotsugu Mori
|Establishment||March 1934 (Operation started March 1918)|
|Paid-in capital||54.3 billion yen|
As of March 31, 2009
527.1billion yen (consolidated)
315 billion yen (standalone)
FY ended March 2009
|Line of business||Manufacture and sales of bearings, constant velocity joints and precision equipment|
[Inquiries about this release]
|PR and IR Group,Corporate Planning Department|