Meiji Machine Co.,Ltd. [6334.T]
TOKYO, Apr 27 (Pulse News Wire) – Meiji Machine CO.,LTD. (6334.T) resolved today to transfer its stake in subsidiary Meiji Machine (Dongzhou) Limited Company to Shenyang Fanli Industry Co., Ltd.
The decision was made during a board meeting held. Meiji Machine established Meiji Machine (Dongzhou) Limited Company in March 14, 2005, focusing on manufacturing and selling grinding rolls in China. Due to recent changes in international conditions and market trends, the company decided to divest its entire stake of 100% to focus resources elsewhere. The subsidiary's capital is ¥594 million and it operates in manufacturing and selling grinding rolls based in Dezhou Economic Development Zone, Shandong Province, China. Financial highlights for the last three fiscal years show total assets of ¥684 million yuan, ¥706 million yuan, and ¥701 million yuan; revenues of ¥106 million yuan, ¥96 million yuan, and ¥109 million yuan; operating profit of --¥14 million yuan, --¥39 million yuan, and --¥17 million yuan; ordinary profit of --¥12 million yuan, --¥39 million yuan, and --¥17 million yuan; and net profit of --¥12 million yuan, --¥39 million yuan, and --¥17 million yuan respectively.
Shenyang Fanli Industry Co., Ltd., founded on June 28, 2010, specializes in manufacturing and selling rubber conveyor belts and solid rubber tires. The transaction price remains undisclosed due to confidentiality agreements between the parties involved. The transfer is scheduled to take place within the fiscal year ending March 2027. Following the transfer, Meiji Machine’s holding percentage will decrease from 100% to ０%. The impact on the consolidated earnings for the current fiscal year is currently being assessed, and further updates will be disclosed if necessary.
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