Azearth Corporation completed the acquisition of Maruko Co., Ltd. from Leap Co., Ltd., Masahiro Sawada, Yukie Sawada, and other relatives.
February 27, 2014 at 11:00 pm EST
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Azearth Corporation (TSE:3161) agreed to acquire Maruko Co., Ltd. from Leap Co., Ltd., Masahiro Sawada, Yukie Sawada, and other relatives for approximately ¥180 million on December 11, 2013. Azearth Corporation will acquire 0.032 million shares. Masahiro Sawada will sell 30.3% stake, Yukie Sawada will sell 32.5% stake, and Leap Co., Ltd. will sell 21.8% stakes. Azearth Corporation will operate Maruko Co., Ltd. as its wholly owned subsidiary. During the year ended January 2013, Maruko Co., Ltd. had net assets of ¥278 million, total assets of ¥1.2 billion, sales of ¥1.51 billion, operating profit of ¥4 million, current profit of ¥8 million and net income of ¥7 million. Board of Directors of Azearth Corporation made a resolution in favor of the transaction on December 11, 2013. The advisory expenses were ¥2 million. The contract conclusion date is December 18, 2013. The transaction is expected to close on February 3, 2014.
Azearth Corporation (TSE:3161) completed the acquisition of Maruko Co., Ltd. from Leap Co., Ltd., Masahiro Sawada, Yukie Sawada, and other relatives in February 2014.
AZEARTH Corporation is a Japan-based company that mainly provides protective clothing and other products. It operates through four business segments. The Protective Clothing and Environmental Equipment segment is mainly engaged in the sale of Tyvek protective clothing, as well as equipment for the processing of asbestos. The Tatami Mat Material segment is involved in the sale of general materials related to tatami mats, such as main materials including straw matting, insulation fiber board and polystyrene foam, as well as accessory materials including edges and threads for tatami mats, among others. This segment is also engaged in the installation works related to tatami mats. The Apparel Material segment manufactures and sells linings, interlinings, bagging, quarter lining belts and other accessory fiber materials. The Others segment manufactures and sells textile auxiliary materials to customers.