Araya Industrial Co., Ltd. cancelled the acquisition of additional 32.3% in Stainless Pipe Kogyo Co.,Ltd. from Hanwa Co., Ltd. and Air Water Inc..
March 15, 2019
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Araya Industrial Co., Ltd. (TSE:7305) agreed to acquire additional 32.3% in Stainless Pipe Kogyo Co.,Ltd. from Hanwa Co., Ltd. (TSE:8078) and Air Water Inc. (TSE:4088) for ¥81 million on March 16, 2018. A contract is expected to be concluded on March 20, 2018. As per terms, additional 54 shares will be acquired. Post completion, Araya Industrial Co., Ltd. will hold 86 shares representing 51.5% stake in Stainless Pipe Kogyo Co.,Ltd. and Stainless Pipe Kogyo Co.,Ltd. will operate as a consolidated subsidiary. For the fiscal year ended May 2017, Stainless Pipe Kogyo Co.,Ltd. reported net assets of ¥300 million, total assets of ¥1.9 billion, sales of ¥2.9 billion, operating income of ¥106 million and net income of ¥1.9 billion. The Board of Directors of Araya Industrial Co., Ltd. resolved the deal on March 16, 2018. The deal is expected to close on April 2, 2018. Advisory expenses of ¥5 million have been incurred on the deal.
Araya Industrial Co., Ltd. (TSE:7305) cancelled the acquisition of additional 32.3% in Stainless Pipe Kogyo Co.,Ltd. from Hanwa Co., Ltd. (TSE:8078) and Air Water Inc. (TSE:4088) on March 16, 2019.
ARAYA INDUSTRIAL CO., LTD. is a Japan-based company mainly engaged in steel pipe-related business, bicycle-related business, and real estate rental business. The Company operates through three business segments. The Steel Pipe-related business is engaged in the manufacture and sale of ordinary steel pipes, stainless steel pipes, various types of steel, precision processed products, and other products. It is also engaged in the manufacture and sale of agricultural houses, facility materials and agricultural foils. The Bicycle business is engaged in the manufacture and sale of bicycle rims and import and sale of completed bicycles. The Real Estate Rental business is engaged in the leasing of real estate such as land, buildings and warehouses. It is also engaged in the manufacture and sale of mechanical parts and welfare equipment, and non-life insurance agency.
ARAYA INDUSTRIAL CO., LTD. 
