October 2, 2006
Transfer of Sanken Electric's 50% Equity Interest in a Joint Venture
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Sanken Electric Co., Ltd. reached an agreement with Airpax Corporation LLC, of the U.S.A. (Head Office: Cambridge, MD) and transferred today Sanken Electric's equity interest in Sanken-Airpax Co., Ltd. (Head Office: Sakado, Saitama), the joint venture company owned by both companies on a 50-50 basis, to Sanken-Airpax and terminated the joint venture agreement with Airpax Corporation.
Sanken-Airpax was established in 1968 by Sanken Electric and Airpax Corporation for the purpose of production and sales of electromagnetic circuit protectors. Since then, the company has promoted development, production and sales of products that are suitable for the Japanese market, such as electromagnetic pickup sensors, fast-blow fuses and thermostats, based on know-how accumulated in the manufacturing of circuit protectors, and its sales volume has reached as much as 2.6 billion yen per year. This transfer of equity interest is intended to unify the capitalization structure and enable Sanken-Airpax to expand its business more dynamically in the rapidly evolving and ever changing environments of the market and business. Sanken-Airpax changes its company name to "Nihon Airpax Co., Ltd." and will exert its maximum effort to expand its business toward the global market. |
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