2009
Dec.24, 2009
Minebea Co., Ltd.
Panasonic Corporation
Announcement of the conclusion of a Business Transfer Agreement
between Minebea Co., Ltd. and Panasonic Corporation
regarding the transfer of Information Equipment Motor Business
Minebea Co., Ltd. ("Minebea") and Panasonic Corporation ("Panasonic") hereby announce that both companies have reached a definitive agreement, announced in their November 2, 2009 press release entitled "Announcement of a Basic Agreement between Minebea Co., Ltd. and Panasonic Corporation regarding the transfer of Information Equipment Motor Business," and entered into a Business Transfer Agreement today.
1. Schedule
| November 2, 2009 | Conclusion of the Basic Agreement |
|---|---|
| December 24, 2009 | Conclusion of the Business Transfer Agreement |
2. Future Outlook
Both parties will make the preparations pursuant to the provisions of the Business Transfer Agreement. The closing date of the transaction is targeted for April 1, 2010, subject to required regulatory permits and approvals at home and abroad, etc.
The Information Equipment Motor Business to be transferred is planned to be operated as a business division of Minebea Motor Manufacturing Corporation ("Minebea Motor"), a joint venture company established by Minebea and Panasonic. Minebea Motor will accelerate further profitability improvement and growth in markets where demand is expected to grow in the future, by combining Minebea's precision machining technology with the brushless DC motor technology Panasonic has cultivated for many years in the area of information terminals.
| Minebea Co., Ltd. | ARCO Tower, 19th Floor, 1-8-1 Shimo-Meguro, Meguro-ku, Tokyo 153-8662, Japan Corporate Communications Office TEL 81-3-5434-8637 / FAX 81-3-5434-8607 |
|---|---|
| Panasonic Corporation | 1006, Oaza Kadoma, Kadoma-shi, Osaka 571-8501, Japan
PR Group, Corporate Communications Headquarters (Osaka) TEL 81-6-6908-0447 / FAX 81-6-6907-2013 (Tokyo) TEL 81-3-3436-2621 / FAX 81-3-3437-2776 |
Product information, contact and other context are subject to change without prior notice.
