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We are pleased to announce that Noritsu Koki Co., Ltd. (Hereinafter “Noritsu Koki”) will adopt a holding company system, according to a decision reached at a board of directors’ meeting held on November 16, 2010. This new holding company system is scheduled to go into effect from February 1, 2011.
In transitioning to a holding company system, Noritsu Koki will establish, by company split method (incorporation-type company split), its wholly owned subsidiary NK Works Co., Ltd. (Hereinafter “NK Works”) that, once established, will take over all of Noritsu Koki’s functions as a manufacturer’s, including product planning, development and manufacturing. Noritsu Koki will continue to be listed on the Tokyo Stock Exchange and Osaka Stock Exchange with the same business name. The resolution to go forward with the company split (incorporation-type company split) is subject to final approval at a special shareholders’ meeting to be held on January 19, 2011.
The primary purpose of Noritsu’s transition to a holding company system is to clarify our commitment to Noritsu’s most important business -- the imaging business, and to maintain and advance quality production capabilities, and also to segregate the responsibility from that of other businesses including Noritsu’s new business developments (such as medical), with a view of the entire Noritsu group’s progress toward our next stage of growth.
Furthermore, this move will enable us to make a clear separation of management functions and executive functions. Under this new alignment, the holding company will be better able to decide strategic policies and make corporate decisions, and the subsidiaries will be able to specialize in business activities and execute actions quickly and flexibly. This will also provide enhancement and reinforcement in the ability of the managerial team to function, which will improve our level of competitiveness and efficiency as a group, and thereby maximize our corporate value.
With the company’s new vision “face the NEXT,” Noritsu Koki continues to fulfill our mission statement “Providing reliable products and services that are supported by our customers”, by effectively realigning the organization in a way that maximizes our ability to deliver products that meet the needs of the market. As we continue to push forward under a holding company system, we are fully confident that Noritsu will contribute to growth in the photo business by providing new solutions and improved quality of products and services.
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| When the holding company system is adopted (scheduled to take place on February 1, 2011), a new company will be established in the Noritsu Group called “NK Works Co., Ltd” (“NK Works”), and it will be a fully owned subsidiary of the holding company (to be called Noritsu Koki). NK Works will be located in Wakayama, Japan where the current Noritsu Koki head office is located, and it will continue to carry out all the business operations that Noritsu Koki has performed, including corporate planning, product planning and development, and manufacturing. All current Noritsu Koki employees and employment contracts will be transferred to NK Works, and all business partnerships, alliances, supplier agreements and other agreements will continue to be in force just as they were before the establishment of NK Works. |
