Dissolution of Awa Paper (Shanghai) and Transfer of China Manufacturing and Sales Operations to the Anhui Joint Venture
First written in FY2017-Q3. 3 of 8 entries say "Advanced", first in FY2018. Latest entry: FY2022-Q2.
No other company in this theme has enough history to compare yet.
- FY2022-Q2AchievedAnnual report
「阿波濾材（上海）有限公司, a consolidated subsidiary of the Company, completed its liquidation as of 17 September 2021.」
The liquidation of the Shanghai subsidiary was completed on 17 September 2021, bringing the restructuring involving the dissolution of the Shanghai operations and the transfer of manufacturing and sales operations in China to the Anhui joint venture to the completion stage. - FY2020-Q3Greater specificity on the planned recognition of the gain on sale of fixed assetsAnnual report
「In connection with the transfer of fixed assets (land-use rights and buildings) of the company's consolidated subsidiary 阿波製紙（上海）有限公司, the company plans to recognize a ¥360 million gain on the sale of fixed assets in the fourth quarter of the fiscal year ending March 2020.」
Regarding the transfer of fixed assets by the Shanghai subsidiary, the timing and amount of the accounting treatment have become specific: a ¥360 million gain on sale is planned for recognition in the fourth quarter of the fiscal year ending March 2020. - FY2020-Q2Update to the expected transfer completion dateAnnual report
「Regarding the transfer of fixed assets (land-use rights and buildings) of the company's consolidated subsidiary 阿波製紙（上海）有限公司, which was disclosed as a material subsequent event in the previous consolidated fiscal year, the company now expects to deliver the properties and complete the transfer by year-end.」
Although the fixed-asset transfer had not been completed as of the end of the previous quarter, the current quarterly report states that delivery of the properties and completion of the transfer are expected by year-end. The precise amount of the gain on the transfer remains under review. - FY2020-Q1Postponement of transfer completionAnnual report
「Regarding the transfer of fixed assets (land-use rights and buildings) of the company's consolidated subsidiary 阿波製紙（上海）有限公司, which was disclosed as a material subsequent event in the previous consolidated fiscal year, delivery of the properties had been scheduled for late June 2019. However, the transfer had not been completed as of the end of the first quarter of the current consolidated fiscal year. The company plans to recognize a gain on the sale of fixed assets in the current consolidated fiscal year after delivery of the properties, but the precise amount is still under review.」
The transfer of fixed assets by the Shanghai subsidiary had not been completed by the scheduled late-June 2019 deadline. The company plans to recognize a gain on the sale of fixed assets after delivery, but the amount is still under review. - FY2019AdvancedAnnual report
「Regarding the restructuring of the production base for engine filter media, the company has completed the transfer of operations from 阿波製紙（上海）有限公司 to its joint venture in Anhui Province, 滁州市国豊阿波濾材有限公司, and will ensure a stable supply of products and services with competitive quality, pricing and delivery times.」
The company explicitly stated that the transfer of the engine filter media business from the Shanghai subsidiary to the Anhui joint venture had been completed. The Shanghai subsidiary has moved to the stage of commencing liquidation procedures following the transfer of its land-use rights and other assets. - FY2019-Q3AdvancedAnnual report
「At a meeting of the board of directors held on 23 January 2019, the company's consolidated subsidiary 阿波製紙（上海）有限公司 resolved to transfer fixed assets as described below and entered into an agreement on the same date.」
In connection with the dissolution of the Shanghai subsidiary, the company resolved to transfer the land-use rights and buildings and entered into an agreement. The transfer price was RMB 28,997 thousand (approximately ¥465 million), and delivery of the properties was scheduled for late April 2019, marking progress on specific procedures for the dissolution and transfer. - FY2018AdvancedAnnual report
「阿波製紙（上海）有限公司 currently handles inventory sales and sales of products imported from Japan, but the company will promptly transfer these operations to its joint venture, 滁州市国豊阿波濾材有限公司. Going forward, the company and the joint venture will work together to ensure a stable supply of engine filter media in China.」
The company has moved to the stage of promptly transferring the remaining inventory sales and import sales operations in Shanghai to the Anhui joint venture, and has also outlined its policy for ensuring a stable supply after the transfer. - FY2017-Q3First statedAnnual report
「At a meeting of its Board of Directors held on 9 February 2017, the company resolved to dissolve its consolidated subsidiary 阿波製紙（上海）有限公司. 阿波製紙（上海）有限公司 was established as an overseas base for manufacturing and selling engine filter media for the Chinese market as part of the automotive-related materials business. As price competition intensified in China, the company had explored rationalization measures, including deciding to scale back operations from the previous year. It therefore decided to dissolve the company in order to transfer all manufacturing and sales operations in the Chinese market to the joint venture in Anhui Province, China, 滁州市国豊阿波濾材有限公司.」
The company has disclosed for the first time its restructuring policy of fully transferring its manufacturing and sales functions in the Chinese market from its Shanghai subsidiary to its joint venture in Anhui Province and dissolving the Shanghai subsidiary. The dissolution and liquidation procedures will be carried out in accordance with local law, and no material impact on business activities is expected.