Tokyo, Japan, February 3, 2012 – NSK Ltd. (NSK; Headquarters: Tokyo, Japan; President and CEO: Norio Otsuka) announced today that it will conduct an absorption merger with its wholly owned subsidiary NSK Precision Co., Ltd. (hereafter, “NPJ”). This is a simple merger with a wholly owned subsidiary.
1. Purpose of merger
NPJ has been manufacturing precision machinery and parts for the NSK Group such as ball screws and linear guides. To strengthen profitability and further expand in this segment, NSK is transferring production from NPJ to NSK Kyushu Co., Ltd. and to Shenyang NSK Precision Co., Ltd., established in Shenyang, China in August 2009. As the transfer is progressing on schedule smoothly, NSK has decided to conduct this merger by absorption. Integration of the Japanese sales divisions of NPJ into NSK had already been completed in 2009. Through this merger, NSK will be able to offer even more advanced technology of precision machinery and parts to customers due to the combination of strengths of both NSK and NPJ in NSK's Industrial Machinery Business Division.
2. Overview of merger
3. Details of the companies undertaking the merger by absorption (as of March 31, 2011)
Note: The merging company is a company subject to consolidated dividend regulations
4. Company status following the merger by absorption
There will be no change to NSK's company name, head office location, representative, description of business, capitalization or fiscal year as a result of this merger.
5. Financial outlook
NSK does not expect any significant effects on its consolidated financial performance from this merger since the absorbed company, NPJ, is a wholly owned subsidiary.
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