Cominix Co.,Ltd. enter into Letter of intent to acquire Sawanaga Shokai Co., Ltd from Hiroshi Sawanaga, Keiko Sawanaga, Kaoru Sawanaga and Aya Sawanaga.
September 17, 2020
Share
Cominix Co.,Ltd. (TSE:3173) enter into Letter of intent to acquire Sawanaga Shokai Co., Ltd from Hiroshi Sawanaga, Keiko Sawanaga, Kaoru Sawanaga and Aya Sawanaga on September 14, 2020. Cominix Co.,Ltd. entered into an share transfer agreement to acquire Sawanaga Shokai Co., Ltd from Hiroshi Sawanaga, Keiko Sawanaga, Kaoru Sawanaga and Aya Sawanaga on September 18, 2020. Under the terms of transaction, Cominix will acquire 18,000 shares of Sawanaga Shokai and acquisition price, taking into account the results of financial, tax, legal, and labor due diligence conducted by external organizations. Hiroshi Sawanaga currently hold 81.6% stake in Sawanaga and others hold remaining 18.4% stake in Sawanaga Shokai. Post completion, Sawanaga Shokai will become subsidiary of Cominix Co.,Ltd. The board of Cominix pass the resolution on September 14, 2020 and contract was signed on September 18, 2020. The transaction is expected to execute on September 25, 2020. The impact of the acquisition of the Shares on the Cominix consolidated financial results for the fiscal year ending March 31, 2021 is minor.
Cominix Co Ltd is a Japan-based company mainly engaged in the sale of cutting tools, abrasion-resistant tools and optical products. The Company operates through four business segments. The Cutting Tools segment is engaged in the sale of cutting tools, holding tools, measuring equipment, machine tools and others for the domestic market. The Abrasion Resistant Tools segment is engaged in the sale of can-making tools and crushing blades for the domestic market. The Overseas segment is engaged in the sale of cutting tools, can-making tools, holding tools, measuring instruments, machine tools, mineral resources and others to overseas markets. The Optical Products segment is engaged in the sale of optical fibers, light source devices, optical components and others.
Cominix Co.,Ltd. enter into Letter of intent to acquire Sawanaga Shokai Co., Ltd from Hiroshi Sawanaga, Keiko Sawanaga, Kaoru Sawanaga and Aya Sawanaga.
COMINIX CO.,LTD. 
