Yaskawa Electric : Notice of Transfer of Shares in Consolidated Subsidiary (The Switch Engineering Oy)
October 20, 2023 at 03:07 am EDT
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News Release
Notice of Transfer of Shares in Consolidated Subsidiary (The Switch Engineering Oy)
NewsOct 20, 2023
YASKAWA Electric Corporation ("YEC") hereby announces that its subsidiary Yaskawa Europe Holding AB ("YEH") has entered into an agreement with BEMAC Corporation ("BEMAC") and Mitsui & Co., Ltd. ("Mitsui") to transfer all shares of The Switch Engineering Oy Group ("The Switch") currently held by YEH to BEMAC and Mitsui (the "Share Transfer").
Upon the execution of the Share Transfer, The Switch will cease to be a consolidated subsidiary of YEC.
Notice
1. Purpose of the Share Transfer
The purpose of the Share Transfer is to enhance the capital efficiency of the Yaskawa Group and to further promote the business development and growth of The Switch by utilizing the extensive experience and network that BEMAC and Mitsui hold especially in the marine business.
2. Overview of the Consolidated Subsidiary to be Transferred (The Switch)
Name
The Switch Engineering Oy
Address
Yrittäjänkatu 11, 65380 Vaasa, Finland
Title and Name of Representative
Miika Reinikka, Managing Director
Business Description
Development, manufacturing and sales of special electrical machines and high-power converters to marine, wind and high-speed applications.
Capital
5,284 thousand euros
Year Established
2006
3. Overview of the Purchasers
(1) BEMAC
Name
BEMAC Corporation
Address
105 Noma, Imabari-city, Ehime,Japan
Title and Name of Representative
Masato Oda, President and CEO
Business Description
・Manufacture, construction, and after-sales service of power distribution, control, and monitoring systems for vessels and industrial plants
・Electric vehicle business
Capital
90 million yen
Year Founded
1946
(2) Mitsui & Co., Ltd.
Name
Mitsui & Co., Ltd.
Address
1-2-1 Otemachi, Chiyoda-ward, Tokyo,Japan
Title and Name of Representative
Kenichi Hori, President & CEO
Business Description
Utilizing its global operating locations, network and information resources, Mitsui is multilaterally pursuing business that ranges from product sales, worldwide logistics and financing, through to the development of major international infrastructure and other projects in the following fields: Mineral & Metal Resources, Energy, Infrastructure Projects, Mobility, Chemicals, Iron & Steel Products, Food, Food & Retail Management, Wellness, IT & Communication Business, Corporate Development Business.
Capital
342,560 million yen
Year Established
1947
4. Impact on Financial Performance
The Share Transfer will have minimal impact on the consolidated financial performance of YEC.
For inquires, contact:
Corporate Communications Dept.
YASKAWA Electric Corporation
E-mail: pr@yaskawa.co.jp
Yaskawa Electric Corporation published this content on 20 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 October 2023 07:06:30 UTC.
Yaskawa Electric Corporation specializes in developing, manufacturing and marketing mechatrocin systems. The group also provides installation and maintenance services. Net sales break down by family of products as follows:
- industrial machines motion control systems (45.2%);
- industrial robots (35.8%);
- power control and monitoring systems (13%): primarily for the iron and steel, power generation and drinkable water supply sectors;
- other (6%): computing systems (software and computer peripherals).
Net sales break down geographically as follows: Japan (34.9%), China (25.1%), Asia (10.7%), Americas (15.1%), Europe (14.1%) and other (0.1%).
YASKAWA ELECTRIC CORPORATION 
