Apr. 1, 2015
TDK Corporation has announced that its Hong Kong-based HDD head manufacturing wholly owned subsidiary, SAE Magnetics (H.K.) Ltd. (hereinafter “SAE”) entered into an agreement with NHK Spring Co., Ltd. (hereinafter “NHK”) to terminate their joint venture in NAT Peripheral (H.K.) Co., Ltd. (hereinafter “NAT”) established in 2003, which is engaged in HDD suspension manufacturing and to transfer SAE’s holding share in NAT to NHK on March 31, 2015.
NAT becomes wholly owned subsidiary company of NHK by this agreement.
- Reason for Joint Venture Dissolution
In response to start manufacturing of HDD Suspension in China, the general support from SAE, who had company running know-how in China, had been necessary, and thus SAE had participated in the joint venture. Now that 11 years have passed since JV establishment, it is agreed to terminate the joint venture in China, having achieved the results regarding the operational support from SAE.
This matter will have an insignificant impact on TDK's consolidated financial results.
- For reference (Overview of NAT)
(1) Company Name: NAT Peripheral (H.K.) Co., Ltd. (2) Foundation: December, 2003 (3) Headquarters: Hong Kong, China (4) Money Invested: HK$70,000,000 (5) Investment Ratio: NHK 81%, SAE 19% (6) Representative: Noriyuki Saito, President & CEO (7) Business: Manufacture and sale of HDD suspension
About TDK Corporation
TDK Corporation is a leading electronics company based in Tokyo, Japan. It was established in 1935 to commercialize ferrite, a key material in electronic and magnetic products. TDK's portfolio includes electronic components, modules and systems* marketed under the product brands TDK and EPCOS, power supplies, magnetic application products as well as energy devices, flash memory application devices, and others. TDK focuses on demanding markets in the areas of information and communication technology and consumer, automotive and industrial electronics. The company has a network of design and manufacturing locations and sales offices in Asia, Europe, and in North and South America. In fiscal 2014, TDK posted total sales of USD 9.6 billion and employed about 83,000 people worldwide.
- * The product portfolio includes ceramic, aluminum electrolytic and film capacitors, ferrites, inductors, high-frequency components such as surface acoustic wave (SAW) filter products and modules, piezo and protection components, and sensors.
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