Suzuki Metal Industry Co Ltd acquires valve spring wire maker Haldex Garphyttan Wire

Suzuki Metal with Garphyttan to become global player of Nippon Steel Group’s wire rod business

Suzuki Metal Industry Co Ltd to issue news shares to be acquired by Nippon Steel Group to finance the acquisition of Garphyttan AB from Haldex Group

On December 25, 2008, Nippon Steel Group and Suzuki Metal Co Ltd announced the issue of additional share capital by Suzuki Metal, to be acquired by Nippon Steel Group. Suzuki Metal is to become a consolidated subsidiary of Nippon Steel Group, and use the investment to acquire 100% of valve spring wire maker Garphyttan from the Haldex Group.

The acquisition price is 800 million Swedish Kronor (=approx. YEN 9 billion, US$ 92 million). The acquisition is to be completed by April-June 2009.

Garphyttan Wire’s name will be changed to Suzuki Garphyttan, and will be a consolidated subsidiary of Nippon Steel Group.

In October 2012 Nippon Steel Corporation and Sumitomo Metal Industries were merged into Nippon Steel & Sumitomo Metal Corporation (NSSMC).

Garphyttan Wire

Garphyttan Wire produces advanced spring wire for combustion engines and transmission systems for cards and commercial vehicles, especially valve spring wire.

As of September 30, 2008, Garphyttan Wire had 471 employees, and sales of approx. SEK 1.1 billion (= JPY 19.3 billion, US$ 127 million)

Garphyttan Wire was founded in 1906.

Haldex Group

Haldex Group produces commercial vehicle systems, hydraulic systems, valve spring wire, traction systems and related products.

Haldex Group employs about 6154 people as of September 30, 2008.

Suzuki Metal Industry Co Ltd “The pioneer of special steel wire manufacturer in Japan”

Suzuki Metal Industry with this transaction became a consolidated subsidiary of Nippon Steel Corporation.

Suzuki Metal Industry was founded on May 1, 1938 in Kameido, Koto-ku, Tokyo. The company produces valve spring wire, piano wire, stainless steel wire, titanium wire, and other special wire products.

In FY2007, Suzuki Metal Industry achieved sales of YEN 41.4 billion (US$ 400 million) and employed about 811 people.

In October 2012 Nippon Steel Corporation and Sumitomo Metal Industries were merged into Nippon Steel & Sumitomo Metal Corporation (NSSMC).

On April 28, 2015, it was announced that Suzuki Metal Industry Co became a wholly owned subsidiary of NSSMC via a share exchange.

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NOKIA quits Japan – for now…

NOKIA’s Japan subsidiary was founded on April 3, 1989 – almost 20 years ago. On November 27, 2008 NOKIA announced to terminate selling mobile phones to Japan’s mobile operators, effectively withdrawing from Japan (except for purchasing, R&D and VERTU).

NOKIA’s sales figures in Japan were a well kept secret until last week when several Japanese newspapers wrote that NOKIA sold 200,000 phones during FY 2007: thus NOKIA’s market share was 0.39% – after 20 years of market entry efforts.

Considering the disastrous collapse of mobile phone handset sales in Japan, NOKIA’s move to quit sales in Japan actually makes a lot of sense. Nothing prevents NOKIA from re-entering Japan again in the future.

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