Boryszew S.A. signed a letter of intent to acquire 80% stake in Tensho Poland Corporation Sp. z o.o. from Mitsui & Co. Ltd., Mitsui & Co. Deutschland GmbH, Sanko Co., Ltd. and Tensho Electric Industries Co., Ltd. for €10.6 million.
March 21, 2014 at 12:00 am EDT
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Boryszew S.A. (WSE:BRS) signed a letter of intent to acquire 80% stake in Tensho Poland Corporation Sp. z o.o. from Mitsui & Co. Ltd. (TSE:8031), Mitsui & Co. Deutschland GmbH, Sanko Co., Ltd. (TSE:6964) and Tensho Electric Industries Co., Ltd. (TSE:6776) for €10.6 million on March 21, 2014. Boryszew will pay €1.6 million for 0.136 million shares and €9 million for the debt of Tensho Poland Corporation. For the year ending December 2013, Tensho Poland Corporation had net assets of PLN 24.71 million (€5.95 million) and sales of PLN 45.85 million (€11.05 million). The conversions have been done from www.oanda.com as of December 31, 2013.
As of April 18, 2014, Boryszew SA singed a conditional purchase agreement to buy 80% of shares Tensho Poland Corporation. On June 17, 2014, Boryszew SA singed a definitive agreement on the purchase of 80% shares of Tensho Poland Corporation.
Tensho Electric Industries Co., Ltd. is a Japan-based company mainly engaged in the manufacture and sale of automotive parts, logistics industry materials, mechanical parts and molds, as well as the real estate-related businesses. The Company operates through four business segments. The Japan Molding segment is engaged in the manufacture and sale of automotive parts, logistics industry materials, mechanical parts and molds. The China Molding segment is engaged in the manufacture and sale of logistics industry materials, mechanical parts and dies. The American Molding segment is engaged in the manufacture and sale of mechanical parts and dies. The Real Estate segment is mainly engaged in the leasing of buildings.
Boryszew S.A. signed a letter of intent to acquire 80% stake in Tensho Poland Corporation Sp. z o.o. from Mitsui & Co. Ltd., Mitsui & Co. Deutschland GmbH, Sanko Co., Ltd. and Tensho Electric Industries Co., Ltd. for €10.6 million.
TENSHO ELECTRIC INDUSTRIES CO., LTD. 
