Release: March 18, 2014
|Company Name:||NGK INSULATORS, LTD.|
|Stock Exchange Listings:||Tokyo and Nagoya|
|Representative:||Taro Kato (Mr.)|
|Contact:||Hideaki Shindo (Mr.)|
Finance & Accounting Department
NGK INSULATORS, LTD. (NGK) hereby announces that at a meeting of the board of directors held on March 17, 2014, it has resolved to dissolve a manufacturing subsidiary as detailed below.
(1) Company name: NGK INSULATORS SUZHOU CO., LTD.
(2) Location: Suzhou City, Jiangsu Province, China
(3) Representative: Hideaki Saito
(4) Business: Manufacture of power insulators
(5) Capital: 112 million US dollars
(6) Established: July 10, 2006
(7) Stockholder: NGK INSULATORS, LTD. 100%
In order to cope with increased demand in the Chinese market for power insulators, a manufacturing subsidiary was established in Suzhou City, China in 2006. However, business results have been declining due to factors such as lack of growth in demand and harsh competition. It has been determined that a future recovery would be difficult, and as a result, it was decided to dissolve the subsidiary.
The specific schedule for completion of liquidation has not been decided at this time.
The subsidiary in question is a consolidated subsidiary of NGK, and its business results have already been incorporated into the Company's consolidated business results. As a result, the effects of the dissolution of the subsidiary will not have a significant effect on the consolidated business results. Additionally, there will be no changes to the business results forecast for the current fiscal year.
Notice Regarding Dissolution of a Subsidiary (PDF:32KB)