TDK : The termination of discussions to enter into a business collaboration and establish a joint venture with Shenzhen Desay Battery Technology Co., Ltd.
July 21, 2021 at 08:33 am
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Announcement of the termination of discussions to enter into a business collaboration and establish a joint venture with Shenzhen Desay Battery Technology Co., Ltd.
July 21, 2021
As disclosed in the press release on December 22, 2020, "Announcement of the execution of a letter of intent to enter into a business collaboration and establish a joint venture with Shenzhen Desay Battery Technology Co., Ltd." by TDK Corporation (President and CEO: Shigenao Ishiguro, hereinafter the "Company"), the Company's wholly-owned subsidiary Navitasys Technology Limited (Hong Kong Special Administrative Region of China, hereinafter "NVT HK"), which engages in the rechargeable battery package business, signed a letter of intent regarding the discussion of a potential business collaboration, including the establishment of a joint venture with Shenzhen Desay Battery Technology Co., Ltd.(Guangdong, China, hereinafter "SZ Desay"), which manufactures and sells rechargeable battery packages, and NVT HK and SZ Desay have been discussing details, including the consideration to be paid for the joint venture shares toward a formal agreement.
However, as a result of discussions between NVT HK and SZ Desay, it was determined that it would be difficult to execute a formal agreement. Therefore, NVT HK and SZ Desay have decided to terminate these discussions.
The termination of discussions will have no impact on the Company's consolidated financial results for the fiscal year ending March 31, 2022.
(Reference) TDK's Consolidated Forecasts for the Fiscal Year Ending March 31, 2022 (as of April 28, 2021) and Results for the Previous Fiscal Year
(Million yen)
Consolidated
Income before
Net income
Net sales
operating
attributable to
income taxes
income
TDK
Forecasts for the year
1,600,000
150,000
150,000
100,000
ending March 2022
Results for the year
1,479,008
111,535
121,904
79,340
ended March 2021
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Mr. Kazushige ATSUMI TDK Corporation
+81-36778-1055
pr@jp.tdk.com
Tokyo, Japan
TDK Corporation
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TDK Corporation published this content on 21 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 July 2021 07:32:03 UTC.
TDK Corporation specialises in the design, manufacture and sales of electronic products and recording equipment. Net sales break down by family product as follows:
- rechargeable batteries and energy converters (46.9%);
- electronic equipment and components (33.1%): ceramic capacitors, ferrites, magnets, inductors, high-frequency components, transformers, converters, thermistors, etc.;
- recording equipment (13.5%): recording appliances (notably magnetic heads for hard disks, heads for disk drives and thermal printer heads), recording equipment (audio and video cassettes, optical disks, computer data storage tapes, PC cards, etc.);
- other (3.5%): rechargeable batteries, memory cards, displays and mechatronic equipment.
Net sales break down geographically as follows: Japan (8%), China (56.8%), Asia (18.7%), Europe (10%) and Americas (6.5%).
TDK : The termination of discussions to enter into a business collaboration and establish a joint venture with Shenzhen Desay Battery Technology Co., Ltd.
TDK CORPORATION 
