Tomen and Toyota Tsusho Agree on Transfer of Textile Machine Export Business
2002-09-30
Tomen Corporation and Toyota Tsusho Corporation today jointly announced that they have reached an agreement to transfer Tomen's textile machine export business to Toyota Tsusho as of October 1st, 2002.
1. The reason for the transfer
The agreement is part of the capital and comprehensive business alliance established between the two companies on March 28, 2000, and a result of the coordinating committee's efforts to utilize the business expertise and management resources of both companies to strengthen their market positions in various business fields. The transfer of Tomen's textile machine export business follows the successful transfer of Tomen's steel and non-ferrous metal businesses to Toyota Tsusho in November 2000 and June 2002 respectively.
In the coordinating committee, Tomen and Toyota Tsusho have also continued discussion of their strategies and future direction of both companies' textile machine export business. As a result, the two companies reached the decision that integration of both organizations is the most effective way to expand future business in this field. Furthermore, the two companies will also cooperate with each other to promote the textile machine export business in certain regions.
2. The outline of the transferred textile machine export business is as follows:
| (1) | Tomen transfers most of its textile machine export business to Toyota Tsusho. In certain regions, however, the two companies will cooperate with each other to promote their textile machine export businesses. |
| (2) | Scale: 6.0 billion yen in Tomen's annual sales. |
| (3) | Number of Tomen Group employees to be transferred: 9 employees
(5 employees in Japan and 4 employees overseas) |
3. Transfer date:
October 1, 2002: Date of the transfer
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