Wuxi Teheng Technology Co., Ltd. agreed to acquire Sanno Electronics Co., Ltd. from SANNO Co., Ltd..
July 13, 2020
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Wuxi Teheng Technology Co., Ltd. agreed to acquire Sanno Electronics (wuxi) Co., Ltd. from SANNO Co., Ltd. (JASDAQ:3441) on July 14, 2020. Under the terms, SANNO will sell 100% of its shares in Sanno Electronics. For the year ended July 2019, Sanno Electronics had net assets worth CNY 372 million, total assets worth ¥372 million, total assets worth ¥987 million, sales of ¥1.5 billion, operating profit of of ¥73 million and net income of ¥57 million. The board resolution SANNO Co., Ltd. was provided on July 14, 2020. Transaction is conditional upon approval from the Chinese government and is expected to close in November 2020. As of November 30, 2020, The transaction has been approved by the Wuxi City, Jiangsu Province, People's Republic of China and is expected to close by the end of December 2020. The impact of this matter on the consolidated business results of SANNO Co., Ltd. for the fiscal year ending July 31, 2020 is minimal.
SANNO CO., LTD. is a Japan-based company engaged in precision press processing and mold manufacture for connectors, switches and other electronic components, as well as the precious metal surface treatment business. The Company operates in two businesses. The precision press processing business is engaged in the design and manufacture of molds, the press processing of press materials, as well as the manufacture of molded hoops. The surface treatment processing segment is engaged in the high-speed gold coating process, palladium nickel alloy coating process and continuous gold coating process for molding press products, such as connectors, switches and integrated circuit (IC) sockets.
SANNO CO., LTD. 
