Pt Classic Prima Carpet Industries cancelled the acquisition of remaining 60% stake in PT FALTEC Classic Automotive Manufacturing from Faltec Co., Ltd..
August 07, 2015 at 05:00 am
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Pt Classic Prima Carpet Industries agreed to acquire remaining 60% stake in PT FALTEC Classic Automotive Manufacturing from Faltec Co., Ltd. (TSE:7215) for ¥1.5 million ($0.01 million) on August 7, 2014. Pt Classic Prima Carpet Industries will acquire 0.01 million shares of PT FALTEC Classic Automotive. During the year ended December 2013, PT FALTEC Classic Automotive Manufacturing had total assets of ¥267 million, net assets of ¥87 million, sales of ¥387 million, operating profit of ¥60 million, ordinary profit of ¥44 million, and net profit of ¥23 million. Board of Directors of Faltec Co., Ltd. made a resolution in favor of the transaction on August 7, 2014. The transaction is expected to close on mid September 2014. For the first quarter ending March 2015, Faltec Co., Ltd. will book ¥53 million loss due to the transfer and ¥60 million loss from severance pay etc. for the employees due to the withdrawal from the business, totals ¥113 million as extraordinary loss. The conversion was done through www.oanda.com as on August 7, 2014.
Pt Classic Prima Carpet Industries cancelled the acquisition of remaining 60% stake in PT FALTEC Classic Automotive Manufacturing from Faltec Co., Ltd. (TSE:7215) for on August 7, 2015.
FALTEC Co., Ltd. is a Japan-based company engaged in manufacture and sale of automotive exterior parts, automobile genuine products and automobile related equipment business. The Company operates Japan, Asia and North America segment. The Automobile Enterior Parts business is engaged in the development, manufacture and sale of automobile exterior resin parts, such as radiator grilles, mud guard centers and wheel covers; molding parts, including window moldings, as well as door sash and metal parts. The Automobile Genuine Products business involves in the development, manufacture and sale of exterior goods, electrical components, metal products, chemical products and others. The Automobile-Related Equipment business is engaged in the development, manufacture and sale of automobile inspection and maintenance equipment, automobile manufacturing facilities and equipment, emergency power generators and gas engines for air conditioners.
Pt Classic Prima Carpet Industries cancelled the acquisition of remaining 60% stake in PT FALTEC Classic Automotive Manufacturing from Faltec Co., Ltd..
FALTEC CO., LTD. 
