Withdrawal from the steel cord business in China and transfer of subsidiary shares
First written in FY2020. 2 of 5 entries say "Achieved", first in FY2021-Q2. Latest entry: FY2021.
- FY2021AchievedAnnual report
「The company resolved to transfer Tokyo Rope Overseas Business Investment Co., Ltd. and its 100%-owned Chinese subsidiary, Tokyo Rope (Changzhou) Co., Ltd., to Dalian Guangshen Enterprise Group Co., Ltd. in China, and entered into a share transfer agreement on the same date. The share transfer was completed on 8 September 2020.」
The transfer of the subsidiary shares in connection with the withdrawal from the steel cord business in China was completed on 8 September 2020. - FY2021-Q3RestatedAnnual report
「During the second quarter accounting period, Tokyo Rope Overseas Business Investment Co., Ltd., a consolidated subsidiary of the company, and its 100%-owned Chinese subsidiary, Tokyo Rope (Changzhou) Co., Ltd., were excluded from the scope of consolidation through a share transfer.」
The company reconfirmed the transfer of the subsidiary shares in connection with the withdrawal from the steel cord business in China and the exclusion of both companies from the scope of consolidation. - FY2021-Q2AchievedAnnual report
「During the second quarter accounting period, the transfer to Dalian Guangshen Enterprise Group Co., Ltd. of Tokyo Rope Overseas Business Investment Co., Ltd., a subsidiary of the company, and Tokyo Rope (Changzhou) Co., Ltd., its wholly owned subsidiary, was completed,」
The transfer of Tokyo Rope Overseas Business Investment Co., Ltd. and Tokyo Rope (Changzhou) Co., Ltd. in connection with the withdrawal from the steel cord business in China was completed, and both companies were excluded from the scope of consolidation. - FY2021-Q1Change in the scheduled transfer timingAnnual report
「Scheduled transfer timing: late August 2020 (originally scheduled for 31 July 2020)」
In connection with the withdrawal from the steel cord business in China, the scheduled timing for the transfer of the subsidiary's shares changed from 31 July 2020 to late August 2020. The Changzhou plant had suspended operations in May 2020. - FY2020First statedAnnual report
「At Tokyo Rope (Changzhou) Co., Ltd., a consolidated subsidiary operating the steel cord business in China, sales of tire cord and ultrafine wire for cutting silicon ingots used in solar power generation declined amid changes in market conditions, while orders decreased further due to the impact of COVID-19. As there was no prospect of resuming stable operations through an order recovery, the company concluded that it would be difficult to continue the steel cord business in China and decided to transfer all shares of Tokyo Rope Overseas Business Investment Co., Ltd., the consolidated subsidiary that directly invests in the company, to Dalian Guangshen Enterprise Group Co., Ltd. The company suspended operations at the plant in May 2020.」
Based on declining sales and orders and the outlook for resuming operations, the company decided to transfer all shares of Tokyo Rope Overseas Business Investment Co., Ltd. in connection with the steel cord business in China. The Changzhou plant suspended operations in May 2020. The scheduled transfer date was 31 July 2020.