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| HOME > NEWS RELEASE > 2007 > Establishment of a Subsidiary and Partial Transfer of Operations |
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| NEWS RELEASE |
| April 9, 2007 |
| Establishment of a Subsidiary and Partial Transfer of Operations |
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(PDF 32KB) |
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At its Board of Directors meeting held on April 9, 2007, Sumikin Bussan Corporation resolved to establish a subsidiary to take over certain business operations from Fujii Corporation
| 1. |
Reason for Establishment of Subsidiary and Transfer of Operations |
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Fujii Corporation had been seeking a firm to take over its operations following a decision on December 19, 2006, to commence with corporate rehabilitation procedures. Looking to preserve the company's domestic textile technology and expertise, Sumikin Bussan Corporation established a new subsidiary to take over certain business operations from Fujii Corporation. The operations to be transferred include manufacture, processing and sale of high-quality women's clothing fabrics and garments.
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| 2. |
Overview of Subsidiary |
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| Company Name: |
Fujitex Inc. |
| Representative: |
Toru Fujita, President |
| Corporate Headquarters: |
3-3 Bingo Machi 3-chome, Chuo-ku, Osaka |
| Date of Establishment: |
May 1, 2007 (tentative) |
| Paid-in Capital: |
¥125 million |
| Business Content: |
Manufacture, processing and sale of woolen, knitted and printed fabrics
Manufacture, processing and sale of women's garments |
| Fiscal Year-End: |
March 31 |
| Shareholders: |
| Sumikin Bussan Corp.: |
60% |
| Flandre Co., Ltd.: |
20% |
| World Co., Ltd.: |
20% |
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| 3. |
Business Operations to be Transferred |
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Manufacture, processing and sale of woolen, knitted and printed fabrics, as well as women's garments
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| 4. |
Date of Transfer |
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May 31, 2007 (tentative)
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| 5. |
Overview of Original Company |
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| Company Name: |
Fujii Corporation |
| Corporate Headquarters: |
2300 Hishiki 1-chome, Nishi-ku, Sakai City, Osaka |
| Representative: |
Masanori Okabe, President |
| Paid-in Capital: |
¥450 million |
| Business Content: |
Planning, manufacture, processing and sale of fabrics and men's and women's clothing |
| Relationship with Sumikin Bussan: |
No personal or business relationship |
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| 6. |
Future Outlook |
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The above transfer of business operations is predicated on approval by the Osaka District Court regarding the Civil Rehabilitation Law. |
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