ANNOUNCEMENT OF TRANSFER OF POWER SUPPLY BUSINESS TO DENSEI-LAMBDA K.K. UPON EXPECTED COMPLETION OF TRANSACTIONS TO MAKE IT A WHOLLY-OWNED SUBSIDIARY AND CHANGE OF ITS COMPANY NAME
Information contained in the news releases are current as of the date of the press announcement, but may be subject to change without prior notice.
March 26, 2008
In light of the prospect for the completion of a series of transactions by TDK Corporation (hereinafter the "Company") to acquire all of the issued and outstanding shares in DENSEI-LAMBDA K.K. around the end of this March (except for those held indirectly by the Company), at a meeting of the Board of Directors held today, the Company resolved a policy of transferring the Company's power supply business to DENSEI-LAMBDA K.K., the Company's consolidated subsidiary mainly engaged in the power supply business (hereinafter the "Transfer") with a target date of approximately October 1, 2008. The Company and DENSEI-LAMBDA K.K. will jointly deliberate on the method and other details of the Transfer and proceed with the preparations therefor.
The Company also announces that it has decided to change the company name of DENSEI-LAMBDA K.K. to "TDK-Lambda Corporation" as of the date of completion of the Transfer.
For your information, as of September 30, 2007, Lambda Holdings Inc., a US corporation which is a subsidiary of the Company, and Lambda Far East Ltd., a UK corporation which is a subsidiary of Lambda Holdings Inc., held a total of 12,691,200 shares in DENSEI-LAMBDA K.K., representing 58.15% of the total issued and outstanding shares of its stock. As the Company announced in the press releases entitled "Announcement of Commencement of Tender Offer for DENSEI-LAMBDA K.K." dated September 26, 2007 and "Announcement of Results of Tender Offer for DENSEI-LAMBDA K.K." dated November 9, 2007, the acquisition by the Company of the issued and outstanding shares in DENSEI-LAMBDA K.K. (except for those held indirectly by the Company) by means of tender offer and a series of subsequent procedures to make DENSEI-LAMBDA K.K. a wholly-owned subsidiary of the Company are expected to be completed around the end of this March. Upon completion of these procedures, DENSEI-LAMBDA K.K. will become a wholly-owned subsidiary of the Company, all of whose voting rights will be directly or indirectly held by the Company.
|(1)||Purpose of Transfer
The purpose of the Transfer is to integrate the technologies and sales capabilities of DENSEI-LAMBDA K.K. as a leading company of switching power supplies in industrial market and the power devices that consist of the Company's materials and material technologies.
On this occasion, the Company has determined that the transfer of its power supply business to and integration thereof into DENSEI-LAMBDA K.K. will serve to establish a system that will allow us to meet, as a specialized company, the various demands of the market that will expand and change in the future and thus contribute to the expansion of our power supply business.
|(2)||Method of, and Time Schedule for Transfer, Etc.
|(3)||Outline of the Companies Involved in the Transfer
As of September 30, 2007
|(4)||Change of Company Name of DENSEI-LAMBDA K.K.
For further information, contact the Corporate Communications Dept.