Nissan Motor Company Ltd. announced that its board of directors has decided to spin off its Industrial Machinery Division and establish a new company, "Nissan Forklift Company Ltd.", effective October 1, 2010.
Nissan announced on May 13 that it began a study to determine the feasibility of spinning-off its Industrial Machinery Division, simultaneously starting preparations of the possible spin-off.
The aim of this spin-off is to strengthen the division's autonomy and implement a flexible management system to position the forklift business for a sustainable growth, cope with the challenging environment surrounding the forklift industry, as well as establishing an independent entity with clear responsibilities required as an enterprise.
The spin-off will have no impact on Nissan's consolidated performance.
<Overview of the Newly Established Company>
| New Company (Plan) | |
|---|---|
| (1) Company Name | Nissan Forklift Co., Ltd. |
| (2) Business Outline | Development, production and sales of industrial machinery |
| (3) Date of Establishment | October 1, 2010 (Plan) |
| (4) Headquarters | 1-1, Takashima 1-chome, Nishi-ku, Yokohama-shi, Kanagawa 220-8686, Japan |
| (5) Position and name of representative | Akira Shiki, President |
| (6) Paid-in Capital | 495 million yen |
| (7) Common stock (issued and outstanding) | 9,900 |
| (8) Net Asset | 16,000 million yen (Individual) |
| (9) Total Asset | 16,741 million yen (Individual) |
| (10) Fiscal Term | March 31 |
| (11) Major Shareholder and Its Shareholding Ratio | Nissan Motor Co., Ltd., 100% |
| * The overview information is a forecast based on the effective date of spin-off. Net assets and total assets are the estimated amounts based on data as of March 31, 2010. | |