Tokyo, Oct 2, 2012 - (JCN Newswire) - Showa Denko K.K. (SDK) announces that its affiliate, Tokyo Aluminum Wire Co., Ltd., will be dissolved on September 30, 2013.
1. Outline of the companyCompany name: Tokyo Aluminum Wire Co., Ltd.
Head office: 13-9, Shiba Daimon 1-chome, Minato-ku, Tokyo
President: Takashi Shimazu
Scope of business: Production and sale of aluminum rough drawing wire for
electric cables, and aluminum alloy rough drawing wire
Establishment: April 1965
Capital: JPY 250 million
Shareholders: Showa Denko K.K. (17%);
Fujikura Ltd. (17%);
Hitachi Cable, Ltd. (17%);
SWCC Showa Cable Systems Co., Ltd. (17%);
Furukawa Electric Co., Ltd. (17%);
Tokyo Electric Power Company (13%);
and Kandenko Co., Ltd. (2%)
2. Reasons for dissolution
Tokyo Aluminum Wire Co., Ltd., which has been producing and selling aluminum rough drawing wire for electric cables, is to be dissolved because demand for aluminum electric cables, due to new construction or replacement, will remain at a low level for many years to come.
3. Schedules
A resolution to dissolve the company will be adopted at the end of September 2013. Liquidation of the company will be completed by the end of December 2013.
4. Future prospect
The company is one of SDK's affiliates to which the equity method is applied. Liquidation of the company will have only slight influence on SDK's business results.
About Showa Denko
Showa Denko K.K. ('SDK'; TSE: 4004, US: SHWDF) is a major manufacturer and marketer of chemical products serving a wide range of fields ranging from heavy industry to the electronic and computer industries. SDK makes petrochemicals (ethylene, propylene), aluminum products (ingots, rods), electronic equipment (hard disks for computers) and inorganic materials (ceramics, carbons). The company has overseas operations and a joint venture with Netherlands-based Montell and Nippon Petrochemicals to make and market polypropylenes. In March 2001, SDK merged with Showa Denko Aluminum Corporation to strengthen the high-value-added fabricated aluminum products operations, and is today developing next-generation optical communications-use wafers. For more information, please visit www.sdk.co.jp .
Contact:
Showa Denko K.K. (SDK)
IR & PR Office
Tel: +81-3-5470-3235
Oct 2, 2012
Source: Showa Denko
Showa Denko (TSE: 4004) (U.S: SHWDF)
From the Japan Corporate News Network
http://www.japancorp.net
Topic: Liquidation of Assets
View more news from these Sectors: Chemicals
|
