Mitsuba Corporation (TSE:7280) and Marubeni-Itochu Steel Inc. agreed to acquire 5.51% stake in Kuroda Precision Industries Ltd. (TSE:7726) from Parker Hannifin Manufacturing Limited for approximately ¥280 million on March 25, 2015. Marubeni-Itochu Steel, Inc. will acquire 0.98 million shares amounting to 3.5% stake and Mitsuba Corporation will acquire 0.56 million shares amounting to 2% stake at the price of ¥182 per share. The expected application period is March 26, 2015.

The expected transfer date is March 30, 2015. Yuichiro Mori of Jones Day acted as legal advisor to Parker Hannifin.