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Press Room
Subsidization of Fukusuke Corporation Following Acquisition of Additional Shares
2009-10-14
Toyota Tsusho Corporation (hereinafter referred to as "Toyota Tsusho"; Headquarters: Nagoya City; President: Junzo Shimizu) acquired additional shares of Fukusuke Corporation (hereinafter referred to as "Fukusuke"; Headquarters: Shibuya-ku, Tokyo; President: Satoshi Yoshino) through a public tender. This increases to 22,710 the number of Fukusuke shares owned by Toyota Tsusho, providing the company with a controlling share of 75.2%.
1. Process leading to acquisition of additional shares
Toyota Tsusho acquired 7,000 Fukusuke shares (corresponding to 23.2% of all outstanding shares of the company) with the conclusion of a capital participation and business alliance agreement made with Fukusuke in May 2007 (announced May 17, 2007). Hitherto a mutual trust and collaborative relationship have been established, with business developments and innovations promoted through the utilization of the strengths of both companies. As for personnel, a board director has been dispatched from Toyota Tsusho to Fukusuke.
Toyota Tsusho responded to and successfully won the bid to buy the entire holding of Fukusuke shares, numbering 15,710 shares (amounting to 52% of the outstanding shares) that were managed on behalf of investment cooperatives, in a public tender held by MKS Partners Limited.
Number of shares Controlling shares
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Before additional acquisition 7,000 23.2%
After additional acquisition 22,710 75.2%
Innovations promoted since 2007 will be accelerated in the future with regard to management and distribution. In terms of personnel, three additional board directors will be dispatched from Toyota Tsusho to Fukusuke, in order to broaden the connection between the two companies.
2. Objective for acquiring additional shares
At Toyota Tsusho we aim to maintain a well-balanced profit structure by expanding our business operations, which are for the most part in the automotive business fields and constitute our core area, into non-automotive fields including consumer-related businesses.
We consider the practical apparel business field to be a particularly important area in consumer-related businesses and this acquisition of Fukusuke as our subsidiary serves as a stepping stone to that end.
At Toyota Tsusho we intend to further broaden our participation in the practical apparel business by utilizing the functionality and networks at our disposal, as well as by taking advantage of Fukusuke's know-how in the practical apparel industry.
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