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[July 2009]
Krosaki Harima Takes Stake in Shinnikka Thermal Ceramics Corp
Krosaki Harima Corp has reached a resolution to acquire a stake in Shinnikka Thermal Ceramics Corp.
Shinnikka Thermal Ceramics Corp, or STCC, has been manufacturing and selling fire-resistant insulation materials, including ceramic fibres, as a joint venture between Nippon Steel Chemical Co Ltd and The Morgan Crucible Company plc.
The insulation materials provided by STCC and Krosaki Harima’s Advanced Ceramics business have insulation properties that are complementary to each other. The stock acquisition enables a combined offering of these insulation products to customers or otherwise promotes collaboration between STCC and the company to achieve synergies, including the expansion of sales for both parties.
For these reasons, Krosaki Harima said it would acquire all of Nippon Steel Chemical’s shareholdings in STCC.
This move represents the acquisition of 4,900 shares at a price of ¥1.4 billion and gives the company a 50% stake in STCC. The Chiyoda based company was renamed as of 1 July 2009 and is now Shin-Nippon Thermal Ceramics. The factory is located in Sakai-shi, Osaka.
www.krosaki.co.jp
ENDS