Announcement of the acquisition of shares of Wakayama Rare Earth Co., Ltd.
Today, Santoku Corporation with the permission of the Fair Trade Commission acquired 80.73% of the issued and outstanding shares of Wakayama Rare earth Co., Ltd. (hereinafter referred to Wakayama rare earth) from Chuo Denki Kogyo Co., Ltd. (hereinafter referred to Chuo Denki Kogyou)
Wakayama rare earth is the company which succeeded the magnet alloy business from Chuo Denki Kogyou by absorption-type company split.
Through this acquision, Wakayama rare earth became a subsidiary of our company.
Santoku and Wakayama rare earth, effectively putting technology related to magnet alloy together , will make efforts to further contribution to the magnet industry and thus the domestic alloy business customers in Japan.