NSK Ltd : NSK Announces Change of Specified Subsidiary
January 18, 2012 at 07:31 am
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January 18, 2012
NSK Ltd.
Public Relations Department
NSK Announces Change of Specified Subsidiary
Tokyo, Japan, January 18, 2012 - NSK Ltd. (NSK;
Headquarters: Tokyo, Japan; President and CEO: Norio
Otsuka) announced today that one of its subsidiaries has
become a specified subsidiary.
1. Reason for the change
To respond to the rapidly growing automobile market in
India, which is undergoing continued economic growth, NSK
is currently expanding operations of NSK-ABC Bearings
Limited (hereafter, "NABI"), an automobile bearings
manufacturer established as a joint venture with a
prominent company in the region.
NSK decided that it was essential to further increase the
production capacity of NABI to prepare for growing demand
forecast in the Indian market. Toward this end, the company
increased its capital stake in NABI by 1,590 million Indian
rupees (approximately 2.4 billion yen) on January 16, 2012.
As a result, NABI's capital amounted to a yen equivalent of
about 7.1 billion yen. As the amount corresponds to over
10% of NSK's capital, NABI qualifies as a specified
subsidiary of NSK.
2. Overview of the specified subsidiary
Company name
NSK-ABC Bearings Limited
Location
SIPCOT Industrial Park in Sriperumbudur, a city in the
suburban area of Chennai, Tamil Nadu, India
Representative
Masatoshi Matsuda
Business activities
Manufacture and sales of bearings
Capital
3.8 billion Indian rupees (approx. 7.1 billion yen)
after increase in capital
Ownership ratio after increase in capital
NSK Ltd. 96.7%
ABC Bearings Limited 3.3%
Establishment
March 2007
3. Date of change
January 16, 2012
4. Future outlook
NSK does not expect any significant impact on its
consolidated financial results in the current fiscal year
as a result of the change to specified subsidiary.
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NSK Ltd. specializes in manufacturing and marketing high precision industrial equipments and components. Net sales break down by family of products as follows:
- automotive equipments (55.8%): transmission systems, steering system, needle bearings, etc.;
- industrial machine bearings (40%). The group also provides precision components and machines;
- other (4.3%).
At the end of March 2022, NSK had 66 production sites worldwide.
Net sales break down geographically as follows: Japan (36.7%), China (21%), Asia (14.9%), the Americas (14.5%) and Europe (12.9%).