Expropriation of the Wuxi Desong Plant and Transfer of Production to the Haining Plant
First written in FY2023. 3 of 5 entries say "Mitigated", first in FY2024-Q3. Latest entry: 2026-05-01.
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- 2026-05-01MitigatedGeneral Meetings of Shareholders
「Our subsidiary, MORESCO USA Inc., completed an absorption-type merger, effective 1 January 2026, in which CROSS TECHNOLOGIES N.A. INC., formerly its subsidiary, was the absorbed company.」
The integration of the North American business is advancing through the absorption merger of CROSS TECHNOLOGIES N.A. INC. - FY2026-H1MitigatedAnnual report
「無錫德松科技有限公司, formerly a consolidated subsidiary of the company, ceased to exist through an absorption-type merger effective 14 February 2025, with 莫莱斯柯（浙江）功能材料有限公司 as the surviving company. Accordingly, it was excluded from the scope of consolidation from the current interim consolidated accounting period.」
無錫徳松 ceased to exist through an absorption-type merger dated 14 February 2025, advancing the restructuring of the Chinese business with the Zhejiang subsidiary in Haining as the surviving company. The organizational response to the restructuring of sites associated with the expropriation has become more concrete. - FY2024-Q3MitigatedAnnual report
「On 28 August 2023, the company decided to acquire all remaining equity interests in its equity-method affiliate 無錫德松科技有限公司 and make it a subsidiary, and acquired the interests on 28 September 2023. Production of specialty lubricants currently carried out by the company is scheduled to be transferred in stages to 莫莱斯柯（浙江）功能材料有限公司, which is currently under construction in Haining, Zhejiang Province.」
The company acquired additional interests in 無錫徳松 on 28 September 2023 and made it a wholly owned subsidiary, advancing its response to the relocation of the production base due to the expropriation. The transfer of production to the plant in Haining, Zhejiang Province, and the restructuring of the Chinese subsidiaries became more concrete. - FY2024-Q2Specific measures for the transferAnnual report
「The Wuxi authorities have required the company to vacate its current location by 30 September 2023. Production of specialty lubricants currently carried out by the company is scheduled to be transferred in stages to 莫莱斯柯（浙江）功能材料有限公司, which is currently under construction in Haining, Zhejiang Province. In this context, the company decided to make the company a wholly owned subsidiary as part of the restructuring of its China business.」
In response to the risk of having to vacate the Wuxi plant, the company set out concrete plans to make 無錫徳松 a wholly owned subsidiary by acquiring all of its equity interests and to transfer production to the Haining plant. - FY2023MaterialisedAnnual report
「無錫德松科技有限公司, an equity-method affiliate of the company, resolved at an extraordinary shareholders' meeting held on 13 April 2023 to accept the expropriation of its plant site by the Wuxi authorities. The Wuxi authorities have now required the company to vacate its current location by 31 December 2023, and the company resolved to comply. Production of specialty lubricants in China is scheduled to be transferred by the end of November 2023 to 莫莱斯柯（浙江）功能材料有限公司, which is currently under construction in Haining, Zhejiang Province. The authorities are expected to pay compensation for the expropriation, while costs associated with relocating the production base are also expected to arise.」
The Wuxi authorities expropriated the plant site and required the company to vacate it by 31 December 2023. The company presented a plan to transfer specialty lubricant production to the Haining plant by the end of November 2023. The expected receipt of compensation and costs associated with the transfer were also disclosed.