Japan Elevator Service Holdings Co.,Ltd. entered into an agreement to acquire Kansai Elevator Co., Ltd. from Colors Japan, K.K. for approximately ¥590 million
October 13, 2020
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Japan Elevator Service Holdings Co.,Ltd. (TSE:6544) entered into an agreement to acquire Kansai Elevator Co., Ltd. from Colors Japan, K.K. for approximately ¥590 million on October 14, 2020. Japan Elevator Service Holdings will pay ¥593 million for common stock of Kansai Elevator and approximately ¥1.9 million as Advisory fees. Japan Elevator Service Holdings Co.,Ltd. will acquire 200 shares of Kansai Elevator Co., Ltd. Kansai Elevator generated the revenue of ¥405.4 million, operating income of ¥34.3 million, net income of ¥8.2 million, total assets of ¥1.13 billion and net assets of ¥63.3 million for the fiscal year ending September 2019. The Board of Directors of Japan Elevator Service Holdings resolved the transaction. The transaction is expected to complete in November 2020. The impact of this matter on the consolidated financial results of Japan Elevator Service Holdings for the current fiscal year will be minor.
JAPAN ELEVATOR SERVICE HOLDINGS CO.,LTD. is a Japan-based company mainly engaged in the provision of the maintenance and inspection service for elevators and escalators, as well as the renewal service for elevators. The Company operates three kind of businesses. The maintenance and inspection business is involved in the provision of maintenance, inspection, replace and repair services for the engine performance and the operation safety of elevators and escalators. The renewal business is involved in the provision of a full range of main components? replacing service, the removal service of products already in the field, as well as the new setting service for elevators which are installed 20 years ago. The others business is involved in the sale of parts for elevator's maintenance.
Japan Elevator Service Holdings Co.,Ltd. entered into an agreement to acquire Kansai Elevator Co., Ltd. from Colors Japan, K.K. for approximately ¥590 million