Showa Denko K K : Announcement of Change in Effective Date of Company Split(Simplified Absorption-Type Company Split)
May 26, 2021 at 02:03 am EDT
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May 26, 2021
To whom it may concern
Name of Listed Company:
Showa Denko K.K.
Code Number:
4004 TSE First Section
Name of Representative:
Kohei Morikawa, President & CEO
Contact:
Yunia Kagawa
General Manager
CSR & Corporate Communication Office
TEL (03)-5470-3235
Announcement of Change in Effective Date of Company Split
(Simplified Absorption-Type Company Split)
As stated in "the Announcement of Execution of Master Agreement regarding Series of Transactions to Effect, among other matters, the Succession of the Aluminum Can and Aluminum Rolling Businesses through Company Splits (Simplified Absorption-Type Company Splits), and Result in Certain Consolidated Subsidiary Ceasing to be a Consolidated Subsidiary of Showa Denko K.K.", dated January 28, 2021, the Company originally planned to succeed the aluminum can business of the Company to Showa Aluminum Can Corp., which is a wholly owned consolidated subsidiary of the Company, effective on June 1, 2021. However, the Board of Directors, at a meeting also held today, passed a resolution to change the effective date of the company split. The Company also decided to change the signing date, June 24, 2021, of the succession of the aluminum rolling business to Showa Denko Sakai Aluminum Corp., which is a wholly owned non-consolidated subsidiary of the Company.
1. Details of the change of date
Based on the article 6 of the company split agreement (aluminum can business), the effective date of the company split (aluminum can business), after consultation between the Company and the Successor Company, will be changed from June 1, 2021 to June 24, 2021.
The signing date of the company split agreement of the aluminum rolling business will be changed to June 25, 2021.
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2. Reason for the change
The administrative procedures for the corporate splits will take more time than expected.
3. Schedule
Date of the decision to approve change in effective date by
May 26, 2021
the Board of Directors (aluminum can business)
Date of the conclusion of agreement on change of effective
May 27, 2021 (Expected)
date (aluminum can business)
Company Split Effective Date (aluminum can business)
June 24, 2021 (Expected)
Company Split Agreement Execution Date (aluminum rolling
June 25, 2021 (Expected)
business)
Company Split Effective Date (aluminum rolling business)
August 2, 2021 (Expected)
4. Projected impact on financial results
The change in the effective date of the company split (aluminum can business) is expected to have no significant impact on the Company's consolidated financial results since the Successor Company is a consolidated subsidiary.
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Showa Denko KK published this content on 26 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 May 2021 06:02:05 UTC.
Resonac Holding Corporation (formerly Showa Denko KK) is a holding company organized around 7 family of products:
- materials (43.8% of net sales): electronics materials (epoxy molding compounds, die bonding materials, CMP slurries, anisotropic conductive films), printed wiring board materials (copper-clad laminates, photosensitive dry films), mobility components (plastic molded products, friction materials, powder metal products, carbon anode materials for LIBs), energy storage devices and systems (automotive and industrial batteries), and life sciences (diagnostics, contracted manufacturing of regenerative medicine products);
- petrochemical products (19.6%): olefins (polyethylene, polypropylene) and organic chemical products (vinyl acetate monomer, ethyl acetate and plastics);
- chemical products (12.9%): caustic soda, chlorine, liquid ammonia, amino acids, polymers, gas (oxygen, nitrogen, hydrogen), etc.;
- electronic components (8.3%): hard disks, semiconductors components, magnetic components, etc.;
- inorganic products (7.1%): ceramics and carbons (graphite electrodes);
- aluminum products (5.3%): aluminum foils, extruded products, forged products, cans, etc.;
- other (3%).
Net sales break down geographically as follows: Japan (53.4%), China (12%), Asia (20.6%) and other (14%).