Release: March 23 , 1999
NGK INSULATORS, LTD. ("NGK", President: Masaharu Shibata, Head Office: Nagoya) has established two new subsidiaries; NGK Life Co., Ltd.("NGK Life") to provide NGK employees with finance and insurance services and NGK Expert Co., Ltd.("NGK Expert") to effectively employ NGK's retirees.
* To comply with diversification of financial and insurance products created by "Japanese Big Bang" financial deregulation, NGK Life will enrich finance and insurance services of the employees of NGK and its group companies.
* The insurance division separated from NGK Yu-Service Co., Ltd., which has been in charge of welfare services for the NGK Group employees, became independent as NGK Life. In addition to the existing non-life insurance agent business, the new company will deal with the life insurance agent business, financial consulting business, and real-estate consulting business so that total finance and insurance related services are provided to the NGK Group employees.
* NGK Life will reinforce its insurance agent business by merging the existing non-life insurance agents owned by the publicly traded companies (listed, over-the-counter) of the NGK Group which are listed below.
|NGK Insulators, Ltd.||NGK Insurance Planning|
|Asahi Tec Corporation||Asahi Service Co., Ltd.|
|Energy Support Corporation||Energys Sangyo Corporation|
|Soshin Electric Co., Ltd.||Shinyu Corporation|
|Share holders :||NGK Insulators, Ltd. :||60%|
|Asahi Tec Corporation :||20%|
|Energy support Corporation :||10%|
|Soshin Electric Co., Ltd. :||10%|
Due to the increase of retired employees, NGK Expert, for the sake of retaining skilled personnel, will select retirees who are more than 60 years old with indispensable expertise, techniques and skills, and will actively employ them in the NGK Group.