Joint venture formation and operating rationalization in the steel cord business through an alliance with the Koryo Steel Group
First written in FY2020-Q2. 3 of 4 entries say "Advanced", first in FY2020-Q3. Latest entry: FY2021.
No other company in this theme has enough history to compare yet.
- FY2021AdvancedAnnual report
「Withdrawal from the unprofitable Chinese business was completed, and earnings are improving at domestic plants as the effects of rationalization investments and other measures emerge.」
The company described the emergence of benefits from rationalization investments at domestic plants against the backdrop of the alliance with the Koryo Steel Group, as well as the trend toward improved earnings. - FY2020AdvancedAnnual report
「The company agreed to form a steel cord business alliance with Hongduk Industrial Co., Ltd. of the Koryo Steel Group. It will make its domestic production subsidiary 東綱スチールコード株式会社 a joint venture between the two parties and work together to fundamentally improve the profitability of the steel cord business in Japan.」
The alliance with the Koryo Steel Group, the formation of a joint venture involving 東綱スチールコード株式会社 and the third-party allotment capital increase progressed to the implementation stage, and the company's equity interest became 53%. - FY2020-Q3AdvancedAnnual report
「東綱スチールコード株式会社, the company's wholly owned consolidated subsidiary, conducted third-party allotments on 30 September 2019 and 30 December 2019, with Hongduk Industrial Co., Ltd. of the Koryo Steel Group and the company as the recipients.」
The third-party allotment capital increase aimed at forming a joint venture and rationalizing operations with Hongduk Industrial Co., Ltd. of the Koryo Steel Group progressed to the implementation stage. - FY2020-Q2First statedAnnual report
「The company agreed to form a steel cord business alliance with Hongduk Industrial Co., Ltd. of the Koryo Steel Group. It will make its domestic production subsidiary 東綱スチールコード株式会社 a joint venture between the two parties and work together to fundamentally improve the profitability of the steel cord business in Japan. In addition, the company will conduct a third-party allotment capital increase to both parties to fund investment in the renewal of plant equipment for comprehensive operating rationalization at the joint venture. As a result of this third-party allotment, the company's equity interest will change from 100% to 69.28%.」
The company disclosed for the first time in specific terms the steel cord business alliance with the Koryo Steel Group, the formation of a joint venture involving 東綱スチールコード株式会社, investment in renewed plant equipment for operating rationalization, a third-party allotment capital increase and a change in the equity interest to 69.28%.