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Home > Press Release > 2014 > February 5

Sumitomo Electric and Hitachi Metals Agree to a Transfer of J-Power Systems’ Shares

February 5, 2014
Sumitomo Electric Industries, Ltd.
Hitachi Metals, Ltd.

*This press release was issued on February 3, 2014 in Japan.

Sumitomo Electric Industries, Ltd. and Hitachi Metals, Ltd. are pleased to announce that they have agreed to a transfer of J-Power Systems Corporation’s shares—in which both have 50 percent equity holdings—in accordance with the memorandum of understanding issued on November 29, 2013. Per the agreement, Hitachi Metals will transfer all its J-Power Systems shares to Sumitomo Electric, and Sumitomo Electric will accept them.

1. Summary
Hitachi Metals will transfer its 50 percent holding of J-Power Systems’ shares to Sumitomo Electric, and J-Power Systems will become a wholly owned subsidiary of Sumitomo Electric on April 1, 2014.
2. Timelines
Signing of share transfer contract: February 3, 2014
Transfer and acquisition of shares: April 1, 2014 (tentative)
3. Overview of Company Whose Shares Are to Be Acquired
Company name J-Power Systems Corporation
Headquarters Mita 43 MT. Bldg. 8F, 3-13-16 Mita, Minato-ku, Tokyo 108-0073, Japan
Representative President Sadao Fukunaga
Business development, design, manufacturing, sales, installation and export of electric power cables and accessories, overhead power transmission lines, and related systems
Capital 8 billion yen (as of the end of March 2013)
Establishment July 3, 2001
(C) 2015 Sumitomo Electric Industries, Ltd.
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