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[July 2003]
Noritake Acquires Majority Stake in Toshiba Ceramics Furnace Co
Noritake Co Ltd (Nagoya, Aichi, Japan) has purchased 34.1% of the industrial furnace maker TCF (Toshiba Ceramics Furnace Company Ltd, Kariya, Aichi, Japan), a subsidiary of Toshiba Ceramics. This purchase leaves Noritake with a 51% stake in TCF and Toshiba Ceramics with 49%.
Noritake and Toshiba Ceramics have been studying business alliances in common fields from various angles, in line with a review by each group of its business portfolio. As to the transfer of shares at this time, both companies said that they recognised that consolidation of the industrial furnace businesses of both group companies under Noritake would increase both competitiveness and management efficiency.
The two companies, using TCF as a base, have agreed to nurture their industrial furnace businesses through close alliance and consolidation of both group companies' business foundation and know-how. Toshiba Ceramics has rendered its leadership in the industrial furnaces business to Noritake to focus on its core businesses such as semiconductors.
Noritake said that the combined markets of its furnace business and TCF will be 10 billion yen per annum, a size that stands out in the domestic market and making it possible to maintain competitiveness both in Japan and the overseas markets. The 10 billion yen is the sales target for 2004, rising to 11 billion yen in 2005 and 12.5 billion yen in 2007.
ENDS