Minebea Co., Ltd. hereby announces that it has concluded a sponsor agreement as outlined below, with SHICOH CO., LTD. (Tokyo Stock Exchange Mothers Index, Stock Code: 6667, hereafter "SHICOH"), a company that today filed an application with the Tokyo District Court for civil rehabilitation proceedings.
1. Background
SHICOH is presently engaged in the mass production and sale of auto-focus linear motors, which are mostly used in the micro cameras installed in mobile phone, smartphone and multifunctional tablet device. Severe business environment including depreciation cost burden associated with investment in facilities following a substantial decline in orders after September 2011, a sharp rise in the price of raw materials such as rare metals and increased labor costs in China, today resulted in the company filing an application to commence civil rehabilitation proceedings.
Minebea has entered into a sponsor agreement with SHICOH, based on the premise of offering assistance toward the rehabilitation proceedings, in accordance with the said sponsor agreement.
Outline of SHICOH CO., LTD
2. Future Schedule
Minebea plans to conclude a business transfer agreement by around the end of August, 2012.
3. Future Outlook
A separate announcement will be made should any significant impact on future consolidated earnings be identified as a result of the conclusion of this sponsor agreement.
Contact of SHICOH CO., LTD: SHICOH CO., LTD.
http://www.shicoh.com/
3-9-6 Chuo Rinkan-Nishi, Yamato-shi, Kanagawa, Japan
TEL 046-278-3570 / FAX 046-278-3576
Company Name: Minebea Co., Ltd.
Representative: Yoshihisa Kainuma
Representative Director,
President and Chief Executive Officer
(Code No. 6479, TSE Div. No.1)
Contact: Yasuo Komine
General Manager
Corporate Communications Office
Tel: +81-(0)3-5434-8637
Information in the press releases is current on the date of the announcement.
Product information, contact and other context are subject to change without prior notice.
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