Europe-Japan

Category: M&A

  • Mitsui Chemicals acquires Heraeus Kulzer GmbH, dental materials for € 450 million

    Heraeus divests Heraeus Kulzer GmbH because the use of precious materials for dental restoration is declining

    Mitsui Chemicals [4183] acquires Heraeus Kulzer GmbH to combine with Sun Medical Co Ltd to form a global dental materials business

    At the Board Meeting of April 4, 2013 Mitsui Chemicals Inc decided to acquire the dental business of Heraeus Holding GmbH (Heraeus Dental).

    Mitsui Chemicals and Heraeus Holding GmbH agreed to a valuation of € 450 million (YEN 54.3 billion) including debt, and to be adjusted to changes in working capital and cash on the closing date.

    Mitsui Chemicals’ subsidiary Sun Medical Co Ltd has been producing dental materials for 30 years, and plans to combine Heraeus Dental with Sun Medical Co Ltd to form a combined global dental materials business.

    Heraeus decided to divest Heraeus Dental, mentioning that the dental industry is changing and the use of precious materials for dental restoration is declining.

    Heraeus Holding GmbH (Seller)

    Heraeus is a family owned privately held company, with core focus on precious metals.

    Heraeus was founded in 1851 by the pharmacist and chemist Wilhelm Carl Heraeus, who had inherited his father’s pharmacy “Einhorn Apotheke” in Hanau, near Frankfurt. Wilhelm Carl Heraeus invented a method to melt platinum using a oxyhydrogen blowpipe. In 1857, Wilhelm Carl Heraeus produced about 30 kilograms of pure platinum, and about 1 ton in 1896.

    Heraeus Holding GmbH achieves € 3.4 billion in product revenues + € 12.2 billion in precious metal trading revenues, a total of € 15.589 billion revenues annually in 2014 with about 12,600 employees.

    Heraeus Kulzer, Heraeus Dental and Heraeus Medical

    Heraeus since the 1930 supplies dental materials based on the gold, silver and palladium alloy Alba, and a variety of gold and ceramic bonding alloys. In 2009, Heraeus Kulzer was split into Heraeus Dental and Heraeus Medical.

    Heraeus Dental (Trade name) / Heraeus Kulzer GmbH (Corporate group)

    Heraeus Kulzer consists of 17 corporate entities (share deal) and 9 entities (asset deal), a total of 26 legal entities.

    Net assets: € 57.5 million (as of Dec 31, 2012)
    Gross assets: € 165.3 million (as of Dec 31, 2012)

    Revenues: € 353.6 million (year ending Dec 2012)
    Operating income: € 16.2 million (year ending Dec 2012)

    Copyright (c) 2016-2017 Eurotechnology Japan KK All Rights Reserved

  • Hitachi Consulting acquires operations management consulting firm Celerant Consulting at a value of about US$ 145 million

    Hitachi Consulting acquires operations management consulting firm Celerant Consulting at a value of about US$ 145 million

    Hitachi Consulting growth is in line with Hitachi’s Smart Transformation

    Hitachi Consulting aims to grow to US$ 1.5 billion annual revenues by FY2015

    by Gerhard Fasol

    Hitachi Consulting announced on January 2, 2013 the acquisition of the UK based operations management consulting firm Celerant Consulting.

    Caledonia Investments announced the sale of its 47.3% ownership in Celerant Consulting for around 47.7 million pounds (US$ 68 million). Therefore we estimate that the full acquisition price of 100% of Celerant Consulting is around 92 million British Pounds (US$ 145 million).

    Celerant Consulting

    Celerant Consulting was founded in 1987 as Cambridge Management Consulting Limited by Ian P. Clarkson, and changed the name to Celerant Consulting Limited in May 2001. Headquarters are in Richmond (UK) and since December 31, 2012, Celerant Consulting Limited is a subsidiary of Hitachi Consulting Corporation.

    Caledonia Investments invested in Celerant Consulting in May 2006, backing an MBO from Novell Inc.

    Hitachi Consulting and Hitachi

    Hitachi Consulting is part of the Hitachi Information & Telecommunications System Company (ITSC).

    Hitachi is Japan’s largest electronics and electrical industry group. After about 17 years of stagnation, very low growth and very small profits, Hitachi was shell-shocked by approx. US$ 8 billion losses in FY2009 to embark on “Hitachi’s Smart Transformation”. Acquisition of Celerant Consulting is in line with Hitachi’s Smart Transformation, which includes a shift to profitable services and globalization.

    Japan electronics industries – mono zukuri.

    Japan electronics industries: mono zukuri

    Copyright (c) 2015 Eurotechnology Japan KK All Rights Reserved

  • Hitachi Europe acquires The Railway Engineering Company (TRE)

    Hitachi Europe acquires The Railway Engineering Company (TRE)

    TRE supplies simulators and automatic routing systems

    by Gerhard Fasol

    Hitachi Europe expands European Traffic Managment Railways (TMS) sector

    Hitachi Europe, on December 20, 2012 announced the acquisition of The Railway Engineering Company (TRE) from James Fisher and Sons plc for UKL 25.5 million.

    The Railway Engineering Company (TRE) products include:

    • Automatic Routing Systems
    • Signalling and Interlocking Simulation
    • Data Preparation tools
    • Signalling System support
    • TREsim, a high fidelity simulator and TREsa
    • Signallers Automatic Route Setting (SARS)
    • Signallers Assistant Control System (SACS)

    Japan electronics industries – mono zukuri.

    Japan electronics industries: mono zukuri

    Copyright (c) 2014 Eurotechnology Japan KK All Rights Reserved

  • Alpha Direct Services (ADS) acquired by Rakuten to build European logistics

    Alpha Direct Services (ADS) acquired by Rakuten to build European logistics

    Rakuten builds European logistics infrastructure

    Rakuten’s 6th acquisition in Europe

    Rakuten is aggressively globalizing in the face of intense competition by Amazon.com, and more recently Alibaba. As part of global growth, Rakuten is acquiring a string of e-commerce, e-book, online media, and software and service companies in Europe. Now Rakuten has started to build fulfillment logistics infrastructure in Europe to strengthen the backend of e-commerce.

    On November 6, 2012, Rakuten announced the acquisition of logistics specialist Alpha Direct Services (ADS), based in Beauvais (France), from the previous owners:

    Note that in 2013, Rakuten acquired the US-based logistics company Webgistix, continuing the strategy to build a global logistics network.

    Alpha Direct Services (ADS)

    Alpha Direct Services (ADS) was founded in 2002 by Adrian Diaconu based on the acquisition of the French book club enterprise “Grand Livre du Mois”, with annual sales of € 3.5 million (US$ 4 million).

    ADS offers a global value chain:

    • front-end websites
    • order management
    • receipt of products
    • storage, warehousing
    • order picking
    • fulfillment delivery, shipping (BtoB and BtoC)
    • reverse logistics
    • customer relationship management (CRM)

    Adrian Deacon developed Alpha Direct Services (ADS) into a mail order, e-commerce and multi-channel logistics company.

    Alpha Direct Services (ADS):

    • 490 employees
    • storage surfaces: total 130,000 square meters
    • inventory: 2 million products
    • 24 million packages shipped/year
    • 180 active clients

    Alpha Direct Services (ADS) growth:

    • 2007: acquired Evreux logistical unit
    • 2013: acquired Moissy-Cramayel logistical unit
    • 2014: 13,000 square meter extension of Beauvais logistical unit

    Copyright (c) 2012-2015 Eurotechnology Japan KK All Rights Reserved

  • Horizon Nuclear Power acquired by Hitachi for £696 million

    Horizon Nuclear Power acquired by Hitachi for £696 million

    Hitachi to build 6 GigaWatt of nuclear power in UK

    by Gerhard Fasol

    E.ON and RWE to withdraw, Chinese consortium lost bid

    In tune with Germany’s “Energiewende”, E.ON and RWE npower decided to sell Horizon Nuclear Power.

    On October 29, 2012 Hitachi Ltd (株式会社日立製作所) announced the agreement to acquire Horizon Nuclear Power for £696 million (approx. US$ 1 billion), and the purchase was completed on November 26, 2012.

    One of the bidders was a joint venture between China Guangdong Nuclear Power Group and China National Nuclear Corporation, however dropped out of the competition.

    Engineering, Procurement and Construction (EPC) will reportedly be undertaken by a joint venture of Hitachi Ltd (株式会社日立製作所), Babcock, Rolls-Royce, and SNC-Lavalin Group.

    UK is planning to invest £110 billion to replace existing nuclear power stations with modern designs.

    Horizon Nuclear Power

    Horizon Nuclear Power was founded in 2009 as a joint venture between E.ON and RWE npower with the plan to build a nuclear power station with 6 GigaWatt capacity on a site close to the Oldbury and Wylfa nuclear power stations.

    Wylfa nuclear power station is located near Wylfa Newydd (Isle of Anglesey) and can be found here on Google-Maps.

    Oldbury nuclear power station is located about 23 miles from Bristol (UK), Oldbury (South Gloucestershire, on the banks of the Severn Estuary), and can be found here on Google-Maps.

    Horizon Nuclear Power plans:

    • Wylfa Newydd (Isle of Anglesey): two Advanced Boiling Water Reactors (WBWRs) planned delivering 2.7 GigaWatt
    • Oldbury (South Gloucestershire): 2.7 GigaWatt planned

    Hitachi Ltd (株式会社日立製作所)

    Hitachi Ltd (株式会社日立製作所) aims to grow its nuclear business to YEN 360 billion/year (approx US$ 3 billion) by 2021.

    Japan electronics industries – mono zukuri.

    Japan electronics industries: mono zukuri

    Copyright (c) 2012-2015 Eurotechnology Japan KK All Rights Reserved

  • Aquafadas SAS acquired by Rakuten via e-reader company Kobo

    Aquafadas SAS acquired by Rakuten via e-reader company Kobo

    Kobo acquires French digital publishing tool company Aquafadas

    Rakuten acquired e-reader manufacturer Kobo

    Rakuten acquired 100% of e-reader manufacturer Kobo for US$ 315 million in cash in January 2012.

    Kobo announced the acquisition of French digital publishing company Aquafadas on October 10, 2012.

    Aquafadas

    http://www.aquafadas.com was founded in Montpeller in 2004 by Matthieu Kopp (CTO) and Claudia Zimmer (CEO). Today headquarters are located in the Montpellier International Business Incubator’s (MIBI).

    “Aquafadas” is the combination of “Aqua”, the name for Apple OSX’ graphical user interface and “fada”, which is the goddess of inspiration (Muse) in Occitan (the original language used in the Provence).

    Tools include:

    • InDesign Authoring: publishing customer mobile apps for iOS and Android using Adobe InDesign
    • Cloud Authoring: conversion of print to interactive mobile apps, e-books and web applications
    • CreativeFlow: creating of digital magazine apps
    • ConversionFlow: importing print documents to smartphones, tablets and web
    • Aquafadas Viewer
    • AppFactory
    • ComicComposer
    • Cloud Connect
    • App Marketing Tools
    • SDK Packages

    Desktop apps include:

    • MotionComposer
    • BannerZest
    • PulpMotion
    • KidsMotion
    • SnapFlow
    • iDive
    • Videopier

    Copyright (c) 2012-2015 Eurotechnology Japan KK All Rights Reserved

  • Buongiorno SpA acquired by NTT Docomo for € 209 million (US$ 260 million)

    Buongiorno SpA acquired by NTT Docomo for € 209 million (US$ 260 million)

    NTT Docomo acquired Italian mobile content, apps and service provider in a public tender offer

    Buongiorno SpA becomes fully owned subsidiary of NTT Docomo

    NTT Docomo acquired mobile content provider Buongiorno SpA in August 2012 following a public tender offer via Docomo’s German subsidiary DOCOMO Deutschland GmbH. The shares were delisted from the Italian Stock Exchange on August 22, 2012.

    Buongiorno SpA

    Buongiorno Chairman Mauro Del Rio in 1995 sent email messages with the subject line “Buongiorno” (= good morning) to 11 friends with daily jokes, in 1998 Mauro Del Rio’s newsletters went to 25,000 people, creating the base for the company.

    As of December 31, 2006, Buongiorno SpA had consolidated investments of € 157.2 million, and consolidated revenues of € 191.8 million, and consolidated net income of € 12.6 million, and approx. 659 employees.

    Buongiorno SpA has grown through a series of acquisitions:

    • MyAlert in 2001
    • merger with Vitaminic in July 2003
    • Gsmbox in 2004
    • Freever (founded by Jerome Trainel, Philippe Tissot, and Pierre Duhau-Laurent) in 2005
    • Tutch NL in 2005
    • Dioranews in 2005
    • Inventa in 2006
    • Rocket Mobile in 2007
    • HotSMS
    • FlyTXT
    • iTouch in 2007
    • eDong Asia
    • Glamoo
    • Dada.net in 2011
    • carve out B2B business into Lumata Group

    Copyright (c) 2014 Eurotechnology Japan KK All Rights Reserved

  • Dentsu acquires Aegis

    Dentsu acquires Aegis

    Aegis Group plc, a UK company with French roots

    by Gerhard Fasol

    Dentsu’s challenge to grow global footprint while managing cultural differences

    On Thursday, July 5th, 2012, Dentsu announced the acquisition of Aegis Group plc, a UK company with French roots, centered on media advertising media buying.

    Dentsu’s need to globalize

    Driving this acquisition was Dentsu’s need to globalize, to create the necessary global footprint to compete with Publicis, WPP, Omnicom, Interpublic, Havas on one hand, and with newcomers Google and Facebook.

    Dentsu Aegis Network created to overcome cultural issues

    To overcome the important cultural issues of Japan-focused Dentsu, the “Dentsu Aegis Network” was created which combines seven major global brands:

    • Carat
    • Dentsu
    • Dentsu Media
    • iProspect
    • Isobar
    • Posterscope
    • Vizeum

    Dentsu acquires expertise in local markets

    This acquisition enables Dentsu to acquire companies in local markets via this new European subsidiary. For European examples, see our listing of Japanese acquisitions in Europe.

    Previously, Dentsu had acquired:

    • Steak Group, a UK based digital media group
    • Adjug, a UK based advertising exchange

    Report on Japan’s media landscape (150 pages, pdf file):

    Japan media (14th edition)

    Copyright 2013 Eurotechnology Japan KK All Rights Reserved

  • Nidec acquires Ansaldo Sistemi Industriali S.p.A

    Nidec acquires Ansaldo Sistemi Industriali S.p.A

    Reorganized as Nidec ASI

    Nidec: “for everything that spins and moves”

    Nidec acquires Ansaldo Sistemi Industriali S.p.A. from HVEASI Holding BV, affiliated with Patriarch Partners LLC. The acquisition was completed in May 2012.

    Ansaldo Sistemi Industriali S.p.A (ASI) renamed: “Nidec ASI S.p.A.” and set up a Japan subsidiary Nidec ASI Japan Corporation to develop Nidec ASI’s business in Japan and South Korea.

    Ansaldo Sistemi Industriali S.p.A.

    Ansaldo Sistemi Industriali S.p.A. was founded in 1853 in Milano (Italy). Ansaldo Sistemi Industriali S.p.A. has about 1217 employees.

    Sales in Fiscal Year 2011 were € 292 million.
    Assets as of Dec 31, 2011 were € 469.1 million, fixed assets were € 56 million.

    Businesses are:

    • Motors, Generators and Drives Business
    • generators
    • Industrial Systems and Automation Business
    • Services (Maintenance) Business

    nidec (日本電産株式会社)

    Nidec was founded on 23 July 1973 in Kyoto by Nagamori Shigenobu, and produces motors, machinery, optical parts, camera shutters and other electro-mechanical equipment.

    Read our report on Japan’s electronics industry sector to learn more about NIDEC and its place in Japan’s electronics industry sector:

    Japan electronics industries: mono zukuri

    Copyright 2015 Eurotechnology Japan KK All Rights Reserved

  • Murata “innovator in electronics” acquires world’s largest independent MEMS manufacturer VTI Technologies Oy

    Murata “innovator in electronics” acquires world’s largest independent MEMS manufacturer VTI Technologies Oy

    VTI Technologies Oy acquired by Murata for € 195 million from EQT III

    by Gerhard Fasol

    Capacitive MEMS sensor maker VTI Technologies Oy is a perfect fit for miniature ceramic capacitor specialist Murata Electronics Oy

    Murata and private equity group EQT on October 11, 2011, announced the sale of VTI Technologies Oy to Murata for € 195 million. VTI Technologies Oy will be renamed Murata Electronics Oy, website:

    VTI Technologies Oy

    VTI Technologies Oy develops and manufactures acceleration, inclination, and angular momentum sensors using silicon based capacitive sensors based on proprietary 3D MEMS technology.

    Net sales in 2010 were € 75.8 million.

    EQT III acquired VTI from Breed Technologies in June 2002, VTI invested substantially in MEMS R&D and expanded sales by more than 75%.

    EQT

    EQT is a private equity fund, and was established in 1994 by Investor AB, AEA Investors, SEB and the founding partners.

    • 17 funds with about € 22 billion capital raised
    • Investment strategies: equity, mid market, infrastructure and credit
    • about 120 investments and 60 exits
    • approximately 140,000 employees and € 17 billion total sales within EQT portfolio companies
    • 19 offices in 14 countries

    EQT III

    EQT III was established in 2001 with committed capital of € 2 billion and is now fully invested.

    EQT III‘s focus was on medium-sized companies in Northern Europe in engineering, medical technology, telecom, automotive and branded consumer goods and business services.

    Murata Manufacturing

    Murata Manufacturing was founded by Akira Murata in Kyoto in October 1944, and focuses on ceramic passive electronics components, and manufactures the worlds smallest ceramic capacitors.

    Read our report on Japan’s electronics industry sector:

    Japan electronics industries: mono zukuri

    Copyright 2015 Eurotechnology Japan KK All Rights Reserved

  • Rakuten acquires UK e-commerce portal Play.com

    Rakuten acquires UK e-commerce portal Play.com

    Play.com: third European company acquired by Rakuten.com

    Rakuten continues global battle with Amazon.com

    On September 21, 2011, Rakuten announced acquisition of 100% of the UK e-commerce portal site Play.com for UKL 25 million (approx. US$ 40 million).

    Rakuten’s acquisition of Play.com (UK) follows the acquisitions of PriceMinister (France) and Tradoria (Germany).

    Play.com

    Play.com sells music, books, clothes, accessories and electronics, and has 14 million registered users and 7 million listed products. Play.com is the largest UK online seller of DVDs.
    Play.com has approximately 500 employees.

    Play.com was founded in 1998 on Jersey (Channel Islands) by Richard Goulding, Simon Perrée and Peter de Bourcier – all 28 years old – in backrooms of the local Athlete’s Foot store, run by Play.com founders Richard Goulding, Simon Perrée, and with investment from Zuma Investments Limited (registered in Jersey, see registration information in the JFSC Companies Registry here).

    • In 2004 Play.com sold 15 million shipments and sales of UKL 190m
    • In 2005 Play.com sold 25 million shipments and a sales of UKL 250m
    • In 2011 Play.com is estimated to achieve sales of UKL 400 million

    Play.com and the Channel Island tax loophole

    Under EU rules established around 1980, merchandise priced less than UKL 18 (approx. US$ 30) from Channel Island based websites could be sold to customers in the UK without paying VAT (value added tax). UK plans to close this loophole by March 2012.

    Copyright (c) 2011-2015 Eurotechnology Japan KK All Rights Reserved

  • Landis+Gyr acquired by Toshiba and The Innovation Network Corporation of Japan (INCJ)

    Landis+Gyr acquired by Toshiba and The Innovation Network Corporation of Japan (INCJ)

    Landis+Gyr to become “independent growth platform” within the Toshiba Group for smart meters and smart grid

    by Gerhard Fasol

    Landis+Gyr acquired by Toshiba (60%) and Innovation Network Corporation of Japan (40%) for US$ 2.3 billion

    Landis+Gyr acquired by Toshiba and The Innovation Network Corporation of Japan: this acquisition was finalized with a shareholder’s and share purchase agreement between Toshiba and INCJ and Landis+Gyr, announced on 25 July 2011.

    Initially, on 19 May 2011, Toshiba had announced the 100% acquisition of Landis+Gyr by Toshiba alone for US$ 2.3 billion including assumption of debt. Apparently, The Innovation Network Corporation of Japan entered this partnership sometime between May and July 2011 as an additional investor.

    Toshiba established a Special Purpose Vehicle (SPV):

    • Toshiba invests: US$ 1.02 billion corresponding to 60% of equity
    • INCJ invests: US$ 0.680 billion corresponding to 40% of equity

    In addition, Toshiba assumed Landis+Gyr’s net debt of US$ 600 million, thus the total cost to Toshiba is:

    • 60% equity in SPV: US$ 1.02 billion
    • assumption of Landis+Gyr net debt: US$ 0.6 billion
    • total acquisition cost to Toshiba: US$ 1.62 billion

    The Innovation Network Corporation of Japan (INCJ) invested US$ 680 million into this SVP, acquiring 40% of the SVP’s equity.

    Landis+Gyr – “manage energy better”

    Landis+Gyr was founded in 1896 as Elektrotechnisches Institut Theiler & Co in Zug, Switzerland by Richard Theiler. In 1904, Richard Theiler appointed the engineer Heinrich Landis as his successor. Heinrich Landis partnered with Dr. Karl Heinrich Gyr in 1905, and the company changed its name to Landis & Gyr in 1905.

    In 1998 Landis & Gyr was acquired by Siemens, and then again spun out in 2002 with the new version of the company name: Landis+Gyr.

    Landis+Gyr produces smart meters, smart grid equipment and related technology and services, with the mission to “manage energy better”.

    Landis+Gyr’s customers are mainly energy, gas and electricity utility companies throughout the world for their smart meter and smart grid networks.

    The Innovation Network Corporation of Japan (INCJ)

    The Innovation Network Corporation of Japan (INCJ) is an investment fund established on 27 July 2009 as a public-private partnership between the Japanese Government and 26 major Japanese corporations temporarily for 15 years.

    Investment capability:

    • Capitalization: YEN 300 billion (=approx US$ 3 billion)
      • Japanese Government: YEN 286 billion
      • 26 corporations: YEN 14 billion
    • Japanese Government guarantees: YEN 1800 billion (=approx US$ 18 billion)
    • Total investment capability: YEN 2100 billion (=approx US$ 21 billion)

    INCJ has made a range of investments, the largest investment (YEN 200 billion = approx. US$ 2 billion) is in Japan Display.

    In addition to the Japanese Government, 26 investors (total YEN 14 billion) are:

    • Asahi Kasei Corporation
    • Canon Inc.
    • Osaka Gas Co., Ltd.
    • Sharp Corporation
    • The Shoko Chukin Bank, Ltd.
    • Sumitomo Chemical Co., Ltd.
    • Sumitomo Corporation
    • Sumitomo Electric Industries, Ltd.
    • Sony Corporation
    • Takeda Pharmaceutical Company Limited
    • Toshiba Corporation
    • TOYOTA MOTOR CORPORATION
    • JGC Corporation
    • Development Bank of Japan Inc.
    • Panasonic Corporation
    • East Japan Railway Company
    • Hitachi, Ltd.
    • Marubeni Corporation
    • Mizuho Bank, Ltd.
    • Sumitomo Mitsui Banking Corporation
    • Mitsubishi Chemical Holdings Corporation
    • Mitsubishi Heavy Industries, Ltd.
    • Mitsubishi Corporation
    • The Bank of Tokyo-Mitsubishi UFJ, Ltd.
    • GE Japan Corporation
    • JX Nippon Oil & Energy Corporation

    Toshiba

    Toshiba is one of Japan’s eight top electronics group, which we analyze in our report “Japan’s electronics industries: mono zukuri“

    Japan electronics industries – mono zukuri.

    Japan electronics industries: mono zukuri

    Copyright (c) 2011 Eurotechnology Japan KK All Rights Reserved

  • Rakuten acquires 80% of German e-commerce platform Tradoria

    Rakuten acquires 80% of German e-commerce platform Tradoria

    Rakuten continues global expansion

    Competing with Amazon.com….

    On July 28, 2011, Rakuten announced the acquisition of 80% of Germany’s e-commerce site Tradoria for a “double-digit million” amount.

    Tradoria has been rebranded as Rakuten.de and has become part of Rakuten Deutschland GmbH.

    Tradoria

    Tradoria was founded in 2007, and today has more than 4400 online stores offering approximately 8 million products.

    Tradoria is based in Bamberg, and before the acquisition by Rakuten, investors included:

    • Seventure Partners (about 24 %)
    • DuMont Venture (about 19 %)
    • European Founders Fund of the Samwer brothers (about 11 %)

    Copyright (c) 2011-2015 Eurotechnology Japan KK All Rights Reserved

  • Value Team SpA acquired by NTT Data

    Value Team SpA acquired by NTT Data

    NTT Data’s a bridgehead to Brazil and South America

    Value Team SpA serves about 300 clients with about 3000 professionals

    On April 25, 2011, NTT Data announced the acquisition of 100% of shares of Value Team SpA via the subsidiary NTT Data Europe GmbH & Co KG for about € 250 million.

    Value Team SpA

    Founded in 2004 as part of Value Partners to offer business oriented IT services, and grew via acquisitions in Brazil and in Italy.

    In 2010, with about 3000 professionals served about 300 clients in the telecommunications, financial services and manufacturing sectors, and achieved € 308 million in revenues.

    NTT Data

    NTT Data, a subsidiary of Japan’s incumbent telecommunications group NTT, has been growing successfully around the globe with a series of acquisitions, including:

  • Hitachi Zosen acquires Energy-from-Waste (EfW) engineering firm AE&E Inova AG in Zürich, to become Hitachi Zosen Inova AG (HZI AG)

    Hitachi Zosen acquires Energy-from-Waste (EfW) engineering firm AE&E Inova AG in Zürich, to become Hitachi Zosen Inova AG (HZI AG)

    by Gerhard Fasol

    Waste is our energy! Energy-from-Waste (EfW)

    Hitachi Zosen acquires former Von Roll Inova to form Hitachi Zosen Inova AG

    AE&E Inova Holding AG filed for bankruptcy on December 3, 2010, and Hitachi Zosen Corporation (日立造船株式会社) acquired 100% of the shares of AE&E Inova Holding AG in Zurich with approval of the bankruptcy court, and the acquisition became final on December 20, 2010.

    Subsequently AE&E Inova Holding AG was renamed Hitachi Zosen Inova AG or abbreviated, HZI AG.

    Hitachi Zosen Inova AG history

    Inova was originally a department of the company “Gesellschaft der Ludwig von Roll’schen Eisenwerke” founded in 1823, the purpose was thermal waste treatment. Inova was founded in 1933 as “L. von Roll Bamag AG”.

    In 1960, Von Roll expanded to Germany and Japan, and in 1966 to France and Sweden, and 1975 to USA. Von Roll Environmental Technology Ltd was known as “Von Roll Inova Group”.

    In 2003, Von Roll Inova Group was acquired by the AE&E Group (Austrian Energy & Environment Group), a subsidiary representing about 40% of A-Tec Industries AG (http://www.atec-industries.com/). Both AE&E Group and A-Tec Industries AG went into bankruptcy proceedings. An overview of the complex bankruptcy and reconstruction proceedings can be found on the A-Tec Industries Wikipedia-page.

    AE&E Inova Holding AG filed for bankruptcy on December 3, 2010, and was acquired by Hitachi Zosen Corporation as of December 20, 2010.

    Japan electronics industries – mono zukuri.

    Japan electronics industries: mono zukuri

    Copyright (c) 2014 Eurotechnology Japan KK All Rights Reserved

  • Boehringer Ingelheim acquires SSP (エスエス製薬), acquiring remaining 40% for US$ 365 million

    Boehringer Ingelheim acquisition values SSP at approx US$ 900 million

    Boehringer Ingelheim acquires SSP stage-by-stage: 9.2% in 1996, 60% in 2001, 100% in 2010

    Boehringer Ingelheim acquires SSP (エスエス製薬株式会社), a Japanese OTC pharma company founded originally in 1765 as a pharmacy in Yaesu, Tokyo, starting with business cooperation, followed by staged investment over a period of five years, starting in 1995, followed by a Take-Over-Bid and delisting of SSP from the Tokyo Stock Exchange in 2010.

    SSP (エスエス製薬株式会社), founded in 1765

    History, and acquisition steps by Boehringer Ingelheim:

    • SSP (エスエス製薬株式会社) was founded in 1765 as a pharmacy in Yaesu, Tokyo
    • On 29 October 1927 the company was incorporated as （株）瓢箪屋薬房
    • In 1940 the company name was changed to (エスエス製薬株式会社)
    • 1969 IPO on the 2nd section of the Tokyo Stock Exchange
    • 1971 IPO on the 1st section of the Tokyo Stock Exchange
    • 1995-1996 Boehringer Ingelheim invests in SSP, and becomes largest share holder
    • 2001 Boehringer Ingelheim increases shareholding to above 50%
    • 15 February 2010 Boehringer Ingelheim Japan Investment GK (ベーリンガーインゲルハイム・ジャパン・インベストメント合同会社) issues a Take-Over-Bid (TOB), which is concluded on 15 April 2010, resulting in Boehringer Ingelheim Investment Japan acquiring a total of 93% of SSP shares.
    • 16 July 2010 SSP is delisted from Tokyo Stock Exchange
    • 1 October 2010 merger with Boehringer Ingelheim Japan Investment GK (ベーリンガーインゲルハイム・ジャパン・インベストメント合同会社)
    • 19 November 2010 merger with BI Nippon Invest GK (BIニッポンインベスト合同会社)
    • 19 November 2010 becomes subsidiary of Boehringer Ingelheim Japan KK (ベーリンガーインゲルハイムジャパン株式会社)
    • 1 January 2017 as part of a global asset swap of Boehringer Ingelheim with Sanofi, SSP becomes a subsidiary of the French pharmaceutical group Sanofi (サノフィ株式会社)

    Nippon Boehringer Ingelheim Co., Ltd. (ベーリンガーインゲルハイム ジャパン株式会社)

    Nippon Boehringer Ingelheim Co., Ltd. (ベーリンガーインゲルハイム ジャパン株式会社) was founded in 1961 as a subsidiary of the German Boehringer Ingelheim Group, which was founded in 1885 in Ingelheim am Rhein in 1885.

    Copyright (c) 2010-2017 Eurotechnology Japan KK All Rights Reserved

  • Sony Barcelona Tec factory sold to Ficosa International SA and Comsa Emte SL

    Sony Barcelona Tec factory sold to Ficosa International SA and Comsa Emte SL

    Sony Barcelona Tec technology center manufacturing LCD TV sets for Europe sold

    Sony Barcelona Tec acquired by Joint Venture between Spanish Companies Ficosa International SA and Comsa Emte SL

    Sony Barcelona Tec, the SONY Barcelona Technology Center was established in January 1973, and in August 2010 had about 1100 employees and was manufacturing LCD TVs for the European market. The site area is about 206,000 square meters, is located at Viladecavalls near Barcelona and can be seen here on Google Maps.

    With the sale of Sony Barcelona Tec the center is divided into two parts:

    • a manufacturing company whole owned and operated by Ficosa International SA
    • a development and engineering company owned by a joint venture between Ficosa International SA (50%) and Comsa Emte SL (50%).

    Ficosa International SA

    Ficosa International SA is an automobile parts company founded in 1949 and employing about 6800 people.

    Note: in 2014, Panasonic announced to acquire just under 50% of Ficosa for around US$ 275 million.

    Comsa Emte SL

    Comsa Emte SL is the second largest Spanish company in the engineering and infrastructure sector.

    Copyright·©2010 ·Eurotechnology Japan KK·All Rights Reserved·

  • Rakuten acquires French ecommerce portal PriceMinister.com

    Rakuten acquires French ecommerce portal PriceMinister.com

    Rakuten continues to globalize via acquisitions

    Rakuten seeks to compete globally with Amazon.com

    Rakuten acquires 100% of shares of PriceMinister S.A. for €200 million (= approx. US$ 250 million). The transaction is expected to close at the end of July 2010.

    PriceMinister S.A.

    PriceMinister was founded in 2000 by current CEO Pierre Kosciusko-Morizet, and Pierre Krings, Justin Ziegler and Olivier Mathiot in a former Zeppelin factory, and achieved revenues of € 40 million in 2009.

    PriceMinister S.A.‘s website PriceMinister.com has approximately 12 million members, is visited by approximately 11 million users/month.

    PriceMinister S.A. has about 100,000 sellers and 21,000 merchants offering about 160 million products.

    PriceMinister S.A. has established online businesses in:

    The PriceMinister Group has five business areas:

    1. guaranteed buying and selling (marketplace)
    2. automobiles (classifieds): http://www.priceminister.com/nav/Loisirs_accessoires-auto
    3. travel (price comparison): http://www.voyagermoinscher.com
    4. real estate (classifieds)
    5. email marketing

    Copyright (c) 2010-2015 Eurotechnology Japan KK All Rights Reserved

  • Square Enix acquires Eidos Interactive for £84.3 million

    Square Enix acquires Eidos Interactive for £84.3 million

    Eidos Interactive converted into Square Enix Europe

    Square Enix on the path to globalization

    Square Enix acquires the publicly listed British games company Eidos Interactive for £84.3 million (approx. US$ 130 million), Eidos shares were suspended from trading on April 21, 2009, and the shares will be cancelled on May 6, 2009.

    Edits became formally part of Square Enix on April 22, 2009.

    Eidos Interactive was going through a number of ups and downs, acquisitions and mergers previous to this sale of the company to Square Enix.

    For Square Enix the acquisition of Eidos Interactive is a step in globalizing the company’s footprint: Eidos name will be changed into Square Enix Europe, so effectively Eidos is turned into Square Enix’ Europe operations.

    Eidos Interactive

    Eidos was founded in 1990 by Stephen Bernard Streater (graduated in Mathematics from Trinity College, Cambridge) developing Full Motion Video (FMV) compression software for RISC Computers, such as the Acorn RISC Computer. Stephen B Streater left and sold Eidos, and founded Forbidden Technologies, while Eidos turned to game software.

    Around 2004/2005, Eidos suffered substantial losses and cash reserves were running low. Eidos had difficulties competing with Electronic Arts, Activision and other Western game makers. Eidos received acquisition offers from Elevation Partners, and the British Game maker SCi Entertainment, and on May 16, 2005, Eidos was sold to SCi Entertainment.

    In 2008, SCi Entertainment reported losses, and SCi Entertainment changed its name back to Eidos plc.

    • Revenues: £179.1 million (approx. US$ 270 million) (2006)
    • Net income: £8.1 million (approx. US$ 12 million) (2006)
    • Employees: 600

    Eidos was best known for the games:

    • Tomb Raider
    • Hitman
    • Deus Ex
    • Legacy of Kain
    • Thief

    Square Enix

    Square Enix was created on April 1, 2003 from the merger of the Japanese game companies:

    • Enix (founded on September 22, 1975) and
    • Square (founded on September, 1986).

    On October 1, 2008 the Square Enix Group of companies was converted into a holding company structure, Square Enix Holdings. Square Enix Holdings includes the group companies:

    • Square Enix Group
    • Taito Group
    • Square Enix Europe
    • Eidos Group
    • Shinra Technologies

    Square Enix is best known for it role playing games including the series:

    • Final Fantasy
    • Dragon Quest
    • Kingdom of Hearts

    Japan’s games sector

    With iconic traditional game companies including Nintendo, SONY, Konami, Sega Sammy, and new game giants including GungHo, LINE, and others, Japanese game companies have been setting the global game agenda for a long time, but do have some difficulties to globalize their Japanese success stories.

    Read our report on Japan’s game makers and markets for detailed analysis of financials and trends and market structure.

    Copyright·©2009-2015 ·Eurotechnology Japan KK·All Rights Reserved·

  • Kyocera expands in Europe via acquisition of TA Triumph-Adler

    by Gerhard Fasol

    Kyocera acquires Triumph-Adler for € 98.7 million

    Motivated by Triumph-Adler’s distribution network: 35,000 companies as customers in 33 countries

    Kyocera is one of Japan’s powerful electronics companies, which together are about as large economically as the whole of the Netherlands.

    Taking advantage of low EURO exchange rates and the high YEN, and low valuations during the current economic crisis, Kyocera acquired 93.84% (51,968,300 shares) of TA Triumph-Adler AG at a purchasing price of € 1.90/share for a total purchase price on the order of € 98.7 Million.

    Kyocera acquired TA Triumph-Adler for its distribution network: TA Triumph-Adler has about 35,000 companies as customers in 33 countries, with 70% of sales in Germany, giving Kyocera a much larger distribution footprint in Germany and EU.

    Kyocera launched the new brand “TASKalfa” for a new type of micro-particle toner for copy machines and a new software platform for copiers

    Triumph-Adler

    Triumph was founded 1896 as a bicycle maker, and has grown into a major European office equipment manufacturer and sales company. Triumph used to be famous for typewriters, with the disappearance of typewriters, Triumph went through a long sequence of restructuring and through many merger and acquisition transactions by many different owners including: Litton Industries, Volkswagen AG, Olivetti, Ideal Loisirs.

    TA Triumph-Adler’s annual sales are € 298.5 million.

    Read our report on Japan’s electronics industry sector to learn more about Kyocera and its place in Japan’s electronics industry sector:

    Japan electronics industries: mono zukuri

    Copyright 2009-2015 Eurotechnology Japan KK All Rights Reserved

  • 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.

    Copyright·©2009-2015 ·Eurotechnology Japan KK·All Rights Reserved·

  • Japanese M&A abroad: Four critical factors for Japanese corporates making major international acquisitions, Stuart Chambers, CEO of NSG Group

    Japanese M&A abroad: Four critical factors for Japanese corporates making major international acquisitions, Stuart Chambers, CEO of NSG Group

    October 16, 2008 by Gerhard Fasol

    Stuart Chambers, CEO of NSG Group, gave a press conference on October 16, 2008, here are some notes and thoughts.

    On February 16th, 2006, Nippon Sheet Glass’ offer for the 80% of Pilkington plc it did not already own, for US$ 3.14 billion in total, was accepted by Pilkington’s share holders and the acquisition was completed in June 2006. At the 142nd Annual Shareholder Meeting on June 27th 2008, Stuart Chambers was appointed Representative Executive Director, President and CEO of NSG Group.

    Here some essential points of Stuart Chambers’ presentation, entitled “Four critical factors for Japanese corporates making major international acquisitions”.

    The four critical factors in the title are:

    1. Integration (share holders and customers demanded integration, because the value of the combined NSG + Pilkington after the acquisition must become bigger than the sum of its parts -> must change HR management, and board)
    2. Repaying debt -> senior management must understand the balance sheet
    3. Identifying growth opportunities for the future (glass for solar energy)
    4. Succession

    From the outset the aim was not to create a Japanese company with overseas subsidiaries, but to create an international company, headquartered in Japan and listed on the Tokyo Stock Exchange. Therefore the greatest changes needed to be made in Japan.

    NSG Group changed from an exclusively Japanese Board, to a new Board structure:

    Board of Directors: 12 (7 Japanese + 5 non-Japanese) and

    Executive Officers: 23 (11 Japanese + 12 non-Japanese)

    These changes were necessary in order to retain non-Japanese management talent from leaving the acquired company after the merger.

    The Board structure was changed from the traditional Kansayaku (Corporate Auditor) structure to a Board with Committees.

    HR management changes from internal promotion according to time served in each job level to the international practice of combining internal and external hiring according to capability and demonstrated performance ignoring age as a factor.

    Stuart Chambers, CEO of NSG Group
    Stuart Chambers, CEO of NSG Group

    Copyright (c) 2008-2013 Eurotechnology Japan KK All Rights Reserved

  • Warren Buffet’s Iscar Ltd of Israel acquired Japanese tungsten carbide tool maker Tungaloy for US$ 1 billion

    Warren Buffet’s Iscar Ltd of Israel acquired Japanese tungsten carbide tool maker Tungaloy for US$ 1 billion

    22 Sept 2008, author: Gerhard Fasol

    The Israeli company Iscar has completed the acquisition of Japanese competitor Tungaloy Corporation. Iscar acquired more than 90% of outstanding shares for around US$ 1 billion from Nomura Principal Finance Co.

    Iscar is the world’s second largest maker of tungsten carbide cutting tools, and competitor Tungaloy is the world’s fifth largest. Iscar is controlled by Warren Buffet’s Berkshire Hathaway Inc. – Berkshire Hathaway acquired 80% of Iscar for US$ 4 billion in 2006.

    The merged Iscar and Tungaloy will be better positioned to compete with global leader Sandvik AB, which has sales on the order of US$ 4 Billion.

    Tungaloy Corporation emerged via a management buyout from Toshiba Tungaloy, with Nomura Principal Finance Co. as the largest share holder. Tungaloy has sales of YEN 50 Billion (approx. US$ 500 million), was founded in 1934, and has 2618 employees. Tungaloy is the fifth largest maker of Tungsten Carbide cutting tools in the world.

    Iscar entered Japan’s market by opening a 100% owned subsidiary company in 1994, about 14 years ago.

    To my knowledge this acquisition is also far larger than any acquisition in Japan by any European Union (EU) company this year (last year, in 2007 Permira announced the acquisition of Arysta LifeScience Corporation for US$ 2.2 Billion and completed the deal during 2008). The three largest acquisitions ever of Japanese companies by EU companies have been Vodafone’s acquisition of J-Phone (transaction value: about US$ 20 Billion), Daimler’s acquisition of Mitsubishi Motors (transaction value: about US$ 2-3 Billion), and Renault’s investment in Nissan (initial transaction value: about US$ 3 Billion) – of these three, only the Renault investment in Nissan was successful, the other two failed.

    Copyright notice:

    Warren Buffet: Warren Buffett at the 2015 SelectUSA Investment Summit.

    Permission (commons.wikipmedia.org):

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    This file has been identified as being free of known restrictions under copyright law, including all related and neighboring rights.
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    Copyright (c) 2013 Eurotechnology Japan KK All Rights Reserved

  • TDK acquires passive electronic component maker EPCOS

    Acquisition value of YEN 200 Billion (approx. US$ 1.859 billion)

    by Gerhard Fasol

    EPCOS becomes part of 100% owned subsidiary TDK-EPC Corporation

    On July 31, 2008 TDK launched an offer to buy all outstanding shares of EPCOS, thus acquiring 100% of EPCOS.

    Value of the acquisition transaction was on the order of YEN 200 Billion (approx. US$ 1.859 billion)

    EPCOS

    EPCOS was created in 1999 from Siemens-Matsushita Components, which was a joint venture between SIEMENS and Matsushita, created in 1989.

    TDK-EPC Corporation

    TDK-EPC Corporation is a 100% owned subsidiary of TDK Corporation, and was formed on October 1, 2009 following the acquisition of EPCOS by TDK.

    The company combines the electronic components business of TDK with EPCOS AG and its subsidiaries.

    The company has about 36,000 employees globally, and global sales are approx. EURO 1.8 Billion (in FY 2012).

    Products are mainly passive electronic components, including:

    • capacitors
    • ceramic components
    • EMC filters
    • inductors
    • resistors
    • RF modules
    • surface acoustic wave components (ASW filters)
    • surge arresters
    • ferrites

    Japan electronics industries – mono zukuri. Preview this report:

    Japan electronics industries: mono zukuri

    Copyright 2008-2015 Eurotechnology Japan KK All Rights Reserved

  • A European perspective on M&A in Japan

    A European perspective on M&A in Japan

    Presentation at the lunch meeting of the Danish Chamber of Commerce in Japan (DCCJ) on June 4, 2008.

    Announcement

    Photos of the event

    Announcement text:

    With the very high EURO and low valuations of many Japanese companies, and with changing attitudes in Japan, now is an excellent time for European companies to start or expand business in Japan.

    There are many ways to start or expand business in Japan, and acquiring a Japanese company is one of the paths often selected by European companies to grow in Japan.

    Some acquisitions of Japanese companies by European corporations have led to fantastic successes – while others have led to catastrophic failures.

    The presentation will discuss the key factors for European companies to succeed in acquiring a Japanese company, and some of the key reasons for failure, based on the speakers 23 years of experience with Japan’s high-tech sector.

    Copyright·©2013 ·Eurotechnology Japan KK·All Rights Reserved·

  • Seminar in London: "M&A in Japan" (Friday 18 April 2008, 12:30-14:30)

    Seminar Description:

    Two practitioners from Tokyo will debate the changes in Japanese attitudes to mergers and acquisitions. During the course of this seminar, we will cover M&As between Japanese companies, the slow impact of foreign investment into Japan, and the outward investment strategies of Japanese companies.

    Speakers:

    Dr Gerhard Fasol, President, Eurotechnology Japan KK

    David Syrad, Managing Director/Managing Director Asia, A.K.I. Japan Limited

    Time and Date:

    Friday April 18, 2008, Sandwiches: 12:30, Seminar: 13:00-14:30

    Location:

    Daiwa Foundation Japan House, 13/14 Cornwall Terrace, London, NW1 4QP

    Price: free of charge

    To register: biz @ aptn.org

    Organizer contact: Louis Turner Tel. +44 – 790 5204 677

    More information:

    www.aptn.org

    Copyright·©2013 ·Eurotechnology Japan KK·All Rights Reserved·

  • Yamaha acquires Bösendorfer Klavierfabrik GmbH

    Yamaha acquires Bösendorfer Klavierfabrik GmbH

    Yamaha Corporation acquires Vienna based 170 year old piano manufacturer

    Yamaha acquires Bösendorfer: Vienna piano manufacturer L. Bösendorfer Klavierfabrik GmbH founded in 1828

    L. Bösendorfer Klavierfabrik GmbH was founded in 1828 in Vienna (Austria), and is one of the world’s most respected piano manufacturers. Bösendorfer was sold to a US wood manufacturing company, later by an Austrian Bank, which itself was acquired by a US investment fund, and as a consequence the Japanese company Yamaha acquired 100% of L. Bösendorfer Klavierfabrik GmbH. The acquisition was announced on 21 December 2007, and is expected to be completed early in 2008.

    Yamaha acquires Bösendorfer
    Yamaha acquires L. Bösendorfer Klavierfabrik GmbH

    L. Bösendorfer Klavierfabrik GmbH

    L. Bösendorfer Klavierfabrik GmbH was founded on 25th July 1828 in Vienna (Austria) by Ignaz Bösendorfer.

    The company gained the distinction “k.k. Hof-Claviermacher” (Piano Maker by appointment to the Royal and Imperial Court of Austria) in 1839, and in 1858 was elevated to the title “Kammerlieferant des Kaisers”.

    Franz List, who was known for his vigorous key play, played largely on Bösendorfer Pianos which could cope well with Franz List’s forceful style.

    The company went through many difficulties caused by the wars.

    1966 the company was sold to the US company Kimball International.

    2002 the company was acquired by the Austrian Bank BAWAG. BAWAG itself went through a crisis and was acquired by the US fund Cerberus, leading to the sale of L. Bösendorfer Klavierfabrik GmbH to Yamaha.

    Founded: 25 February 1828
    Employees: 180
    Net sales: approx. € 13.5 million (Fiscal Year 2006)
    Total assets: approx. € 15.7 million (Fiscal Year 2006)

    Yamaha Corporation (ヤマハ株式会社) TSE 7951

    Yamaha Corporation (ヤマハ株式会社) (Tokyo Stock Exchange TSE 7951) was founded on 12 October 1887 by Torakusu Yamaha (山葉寅楠) as Nippon Gakki Company, Limited (日本楽器製造株式会社) (= Japan Musical Instrument Manufacturing Corporation) in Hamamatsu, Shizuoka-Prefecture, as a manufacturer of musical instruments.

    Revenues: YEN 432 billion (US$ 4 billion) (FY ending March 2015)
    Employees: 19,967 (March 2015)

    Products include:

    • musical instrument
    • electronics
    • motorcycles
    • power sports equipment
    • …

    Copyright (c) 2007-1016 Eurotechnology Japan KK All Rights Reserved

  • Cambridge Display Technology (CDT) acquired by Sumitomo Chemical

    Sumitomo Chemical to acquire CDT for US$ 285 million in cash

    Sumitomo Chemical (住友化学株式会社) acquired Cambridge Display Technology (CDT) under a merger agreement, paying an acquisition price of US$ 285 million in cash.

    • 1998: Sumitomo Chemical starts P-OLED development
    • 2001: Sumitomo Chemical and CDT Ltd (fully owned subsidiary of CDT Inc) enter into a cooperation agreement including technology licensing
    • May 2002: Sumitomo Chemical makes an equity investment in CDT Ltd
    • November 2005: Sumitomo Chemical established joint-venture SUMATION Co Ltd together with CDT Ltd for the development, manufacture and sales of P-OLED materials
    • 2007: Sumitomo Chemical acquires CDT

    Cambridge Display Technology (CDT)

    Cambridge Display Technology (CDT) is based largely on Professor Sir Richard Friend’s and his team’s inventions and developments of polymer light emitting diodes (P-OLEDs).

    CDT before acquisition was established in 1999, traded on NASDAQ (OLED), and sales in 2009 were US$ 8 million, and employed 130 people.

    CDT holds many patents and intellectual property in the field of P-OLEDs.

    Copyright·©2014 ·Eurotechnology Japan KK·All Rights Reserved·

  • Briefing EU Technology Attaches to Japan about Japan’s telecom sector – unspoken question: Why did Vodafone fail in Japan?

    Briefing EU Technology Attaches to Japan about Japan’s telecom sector – unspoken question: Why did Vodafone fail in Japan?

    by Gerhard Fasol

    Following Vodafone’s decision to end business in Japan and the announcement of the sale of Vodafone-Japan to SoftBank, this author has been asked to brief the Technology Attaches of the 25 EU Embassies in Tokyo on Japan’s mobile phone and telecom sector.

    The EU Technology Attaches were particularly interested in the impact on Europe by the termination of by far the biggest ever European investment in Japan. Clearly it is also important to determine, what other European companies can learn from Vodafone’s experience.

    More details in our blog post:
    “Why did Vodafone fail in Japan and sell to SoftBank?“

    Eurotechnology Japan KK has been awarded a contract by the European Union to benchmark Japan’s telecom sector vs EU and make recommendations.

    Japan telecommunications industry market report

    Japan telecommunications industry (66th edition) – Market analysis & tutorial

    Copyright 2013 Eurotechnology Japan KK All Rights Reserved

  • Vodafone brand disappears from Japan: Vodafone -> SoftBank rebranding

    Vodafone brand disappears from Japan: Vodafone -> SoftBank rebranding

    Vodafone sells Japan operations to Softbank

    by Gerhard Fasol

    Vodafone brand is replaced by the Softbank brand

    “SoftBank” replaces “Vodafone” brand in Japan following Vodafone’s decision to sell all Japan operations to the Softbank Group (after Vodafone had previously split off and sold fixed-line and other operations to Softbank in earlier transactions).

    Photographs below show the world famous Vodafone board on Tokyo-Shibuya’s Hachiko-square being replaced by the SoftBank advertisement from June 14, 2006.

    SoftBank acquired Vodafone-Japan and rebranded to SoftBank mobile on June 14, 2006
    SoftBank acquired Vodafone-Japan and rebranded to SoftBank mobile on June 14, 2006
    Rebranding advertisement boards along Tokyo's Yamanote ring line
    Rebranding advertisement boards along Tokyo’s Yamanote ring line. Noteworthy are the cheese, cow, car tire and ice cream bar shaped mobile phone covers, which Vodafone offered because it was short of new phone models, and which did not help to improve Vodafone’s brand in Japan

    Japan telecommunications industry market report

    Japan telecommunications industry (66th edition) – Market analysis & tutorial

    Copyright 2013 Eurotechnology Japan KK All Rights Reserved