TDK : Announcement on Business Alliance and Establishment of Joint Venture with Contemporary Amperex Technology Co., Limited and Notice of Establishment of Subsidiary
April 27, 2022 at 03:15 am EDT
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Announcement on Business Alliance and Establishment of Joint Venture with Contemporary Amperex Technology Co., Limited [Background to Disclosure] and Notice of Establishment of Subsidiary
April 27, 2022
TDK Corporation (hereinafter "the Company") announced a definitive agreement on an establishment of joint venture between Amperex Technology Limited (Hong Kong Special Administrative Region of China, hereinafter "ATL") that engages in the business of rechargeable battery and Contemporary Amperex Technology Co., Limited (Fujian, China, hereinafter "CATL") that engages in the business of rechargeable battery for automobile and other applications under "Announcement on Business Alliance and Establishment of Joint Venture with CATL" on April 28, 2021.
The Company hereby announces the following items such as the name of joint venture company that have been finalized today since the previous disclosure, with applicable items underlined. [Below I]
In addition, the Company is pleased to announce that our Board of Directors today approved a new resolution to establish a subsidiary that will serve as the holding company for the joint venture. [Below II]
I. Background to Disclosure
1. Outline of the Joint Venture
(1)
Name
Xiamen Ampcore Technology Limited
(2)
Location
Xiamen, Fujian Province, China
(3)
Representative
To be announced
(4)
Business
Development, manufacture and sale of rechargeable battery cell
(5)
Capital
5.0 Billion RMB
(6)
Date of establishment
To be announced
(7)
Fiscal year end
December 31
(8)
Net assets
5.0 billion RMB
(9)
Total assets
5.0 billion RMB
(10)
Equity ratio
ATL: 30%, CATL: 70%
(1)
Name
Xiamen Ampack Technology Limited
(2)
Location
Xiamen, Fujian Province, China
(3)
Representative
To be announced
(4)
Business
Development, manufacture and sale of rechargeable battery pack
(5)
Capital
1.0 Billion RMB
(6)
Date of establishment
To be announced
(7)
Fiscal year end
December 31 *
(8)
Net assets
1.0 billion RMB
(9)
Total assets
1.0 billion RMB
(10)
Equity ratio
ATL: 70%, CATL: 30%
* The timely disclosure dated April 28, 2021 stated March, but this will be changed to December.
2. Schedule
(1)
Date of resolution of the Board of Directors
April 28, 2021
(2)
Date of final contract
April 28, 2021
(3)
Date of changes to subsidiaries
To be announced
II. Establishment of subsidiary (holding company)
1. Purpose of Establishment of Subsidiary
ATL will establish a new subsidiary as a holding company for the above two joint venture companies.
2. Profile of the subsidiary
(1)
Name
Xiamen Ampeak Technology Limited
(2)
Location
Xiamen, Fujian Province, China
(3)
Representative
Jia Zhuocheng
(4)
Business
Holding company for 2 joint ventures of CATL and ATL
(5)
Capital
2,201 million RMB
(6)
Date of establishment
To be announced
(7)
Investment ratio
ATL: 100%
(8)
Relationship between the listed company and Ampeak
Capital relationship
Xiamen Ampeak Technology Limited will become a wholly owned subsidiary of the Company.
Personal relationship
Officers and employees of ATL, the subsidiary of the Company conducting battery business, will serve as directors.
Business relationship
Nothing to report
III. Outlook
This business alliance and joint venture is projected to have negligible impact on the Company's consolidated financial results for the fiscal year ending March 31, 2023.
The consolidated earnings forecast for the fiscal year ending March 31, 2023 is scheduled to be announced at the time of the announcement of the financial results for the fiscal year ended March 31, 2022 (scheduled on May 11, 2022).
Contacts for media
Contact
Phone
Mail
Mr. Atsuo Omagari
TDK Corporation
+81 3 6778-1055
pr@jp.tdk.com
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Disclaimer
TDK Corporation published this content on 27 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 April 2022 07:14:05 UTC.
TDK Corporation specialises in the design, manufacture and sales of electronic products and recording equipment. Net sales break down by family product as follows:
- rechargeable batteries and energy converters (46.9%);
- electronic equipment and components (33.1%): ceramic capacitors, ferrites, magnets, inductors, high-frequency components, transformers, converters, thermistors, etc.;
- recording equipment (13.5%): recording appliances (notably magnetic heads for hard disks, heads for disk drives and thermal printer heads), recording equipment (audio and video cassettes, optical disks, computer data storage tapes, PC cards, etc.);
- other (3.5%): rechargeable batteries, memory cards, displays and mechatronic equipment.
Net sales break down geographically as follows: Japan (8%), China (56.8%), Asia (18.7%), Europe (10%) and Americas (6.5%).
TDK : Announcement on Business Alliance and Establishment of Joint Venture with Contemporary Amperex Technology Co., Limited and Notice of Establishment of Subsidiary