Dissolution of NTN Kishiwada Corporation
As of March 31, 2003, NTN Corporation will dissolve its subsidiary, NTN Kishiwada Corporation. This decision was made at the company's October 23, 2002 Board of Directors meeting.
1.Circumstances leading to the dissolution
In order to secure production capacity to meet increased sales of bearing units and also to enhance the cost competitiveness of the housing and plummer blocks for those bearing units, NTN decided to transfer the production of these products from NTN Kishiwada, where close residential proximity makes flexible factory operations problematic, to NTN Casting Corp. (Hirata-shi, Shimane-ken), which has no such problem with location. Consequently, it was decided to dissolve NTN Kishiwada.This move is in line with NTN's overall business restructuring strategy.
2. Outline of NTN Kishiwada Corporation.
| (1) Corporate name |
NTN Kishiwada Corporation |
| (2) Line of business |
Metal casting and sales of
processed cast metal goods |
| (3) Established |
August 1948 |
| (4) Head office location |
83 Nishioji, Kishiwada-shi, Osaka-fu |
| (5) Representative director |
Shoji Kotera, President |
| (6) Paid-in capital |
¥20 million |
(7) Number of shares issued
and outstanding |
400,000 shares |
(8) Shareholders' equity
(as of March 31, 2002) |
¥89 million |
(9) Total assets
(as of March 31, 2002) |
¥2,160 million |
| (10) Accounts closed |
March 31 |
(11) Number of employees
(as of March 31, 2002) |
83 |
| (12) Main customer |
NTN Kongo Corporation |
(13) Main shareholder and its equity share
(as of March 31, 2002) |
NTN Corporation, 100% |
(14)Results of operations in the recent three fiscal years
| Fiscal term |
Year ended
March 31, 2000 |
Year ended
March 31, 2001 |
Year ended
March 31, 2002 |
| Net Sales |
in millions of yen |
2,599 |
3,126 |
3,021 |
| Recurring income |
in millions of yen |
Δ 102 |
Δ 88 |
Δ 38 |
| Net income |
in millions of yen |
Δ 61 |
2 |
Δ 69 |
Net income
per share |
yen |
Δ 153.49 |
5.96 |
Δ 174.44 |
Dividend
per share |
yen |
---- |
---- |
---- |
Shareholders'
equity per share |
yen |
405.50 |
404.57 |
223.18 |
3. Timetable for the dissolution
NTN Kishiwada Corporation will be dissolved on March 31, 2003.
4. Future outlook
An extraordinary loss of approx. ¥300 million is predicted in the Company's business results from the dissolution of NTN Kishiwada Corporation.
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