Wuhu Aike Automotive Technology Co., Ltd. agreed to acquire 60% stake in Wuhu Kasai Automotive Interior Trim Parts Co., Ltd. from Kasai Kogyo Co., Ltd. and Guangzhou Hexi Automotive Interior Decoration Co., Ltd. for CNY 3.
December 15, 2014 at 11:00 pm EST
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Wuhu Aike Automotive Technology Co., Ltd. agreed to acquire 60% stake in Wuhu Kasai Automotive Interior Trim Parts Co., Ltd. from Kasai Kogyo Co., Ltd. (TSE:7256) and Guangzhou Hexi Automotive Interior Decoration Co., Ltd. for CNY 3 on December 16, 2014. Post closing, Wuhu Kasai Automotive Interior Trim Parts Co., Ltd. will be excluded from Kogyo Co., Ltd.'s consolidated subsidiaries. Wuhu Kasai Automotive had net assets of CNY 47.8 million, total assets of CNY 88.48 million, net sales of CNY 14.61 million and net loss of CNY 13.6 million for the year ending December 2013.
The Board of Directors of Kasai Kogyo passed a resolution for the transaction. The completion of the share transfer is scheduled by the end of February 2015.
Kasai Kogyo CO., LTD. is a Japan-based company mainly engaged in the manufacture and sale of automotive interior parts. The Company operates through Japan, North America, Europe, and Asia four geography segments. The Company is engaged in the design, development, manufacture and sale of automotive interior parts, the manufacture, sales, and technical development of automotive resin interior parts, and the manufacture of automotive ceiling materials. The Company is also engaged in the provision of insurance agency services and business contracts.
KASAI KOGYO CO., LTD. 
