Toda Kogyo Corp. (TSE:4100) entered into an agreement to acquire a 60% stake in Jiangmen Kyoritsu Magnetic Industry Technology Co., Ltd. from Geika Yamamoto on June 29, 2021. The consideration is paid in cash. The funds for this acquisition will be allocated from borrowings from financial institutions. For the fiscal year ended December 2020, reported Total Assets of CNY 1.3 billion, net assets as CNY 891 million, sales as CNY 1.8 billion and Net income of CNY 527 million. The transaction is subject to approval of regulatory agency in accordance with laws and regulations. The transaction is expected to close on August 10, 2021. Toda Kogyo Corp. (TSE:4100) completed the acquisition of a 60% stake in Jiangmen Kyoritsu Magnetic Industry Technology Co., Ltd. from Geika Yamamoto on August 16, 2021.