Transfer of the California, U.S. plant and relocation to the Midwest and South
First written in FY2021-Q3. 4 of 9 entries say "Restated". Latest entry: FY2023-Q3.
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- FY2023-Q3RestatedAnnual report
「This was a business restructuring loss associated with the relocation of the Company's subsidiary Advanex Americas, Inc.」
A business restructuring loss of ¥61.319 million associated with the relocation of the U.S. subsidiary was recognized, and relocation-related costs continue to be incurred. No new milestone, such as completion of the relocation, has been disclosed. - FY2023-Q2RestatedAnnual report
「Business restructuring loss - 60,440 This was primarily a business restructuring loss associated with the relocation of the Company's subsidiary Advanex Americas, Inc.」
A business restructuring loss of ¥64.04 million associated with the relocation of the U.S. subsidiary was recognized, and relocation-related costs continue to be incurred. No new milestone, such as completion of the relocation, has been disclosed. - FY2023-Q1WorsenedAnnual report
「Despite delays in starting operations at the Tennessee plant of the U.S. subsidiary, revenue rose 9.7% year on year to ¥655 million, as production ramp-up at the Mexico plant progressed.」
Delays in starting operations at the new Tennessee plant, the relocation destination for the U.S. site, were disclosed. - FY2022AdvancedAnnual report
「Net loss attributable to owners of the parent was ¥82 million, due in part to extraordinary losses recognized in connection with the relocation of the Tennessee plant of the U.S. subsidiary. In the previous consolidated fiscal year, the Company recorded profit of ¥633 million, due in part to a gain on the sale of fixed assets from the sale of the California plant.」
Regarding the relocation of the U.S. site from California to the Midwest and South, extraordinary losses associated with the relocation of the Tennessee plant were reflected in full-year results. Completion of the relocation was not disclosed. - FY2022-Q3AdvancedAnnual report
「Loss on transfer of business - 57,021 This was primarily due to the transfer of part of the business of the Company's subsidiary Advanex Americas, Inc. Special retirement benefits - 75,275 This was primarily retirement compensation associated with the relocation of the Company's subsidiary Advanex Americas, Inc.」
Part of the business of the U.S. subsidiary was transferred, resulting in a loss on transfer of business of ¥57.021 million. Special retirement benefits of ¥75.275 million associated with the plant relocation were also recognized, indicating that the relocation had reached the implementation stage. However, completion of the relocation was not disclosed. - FY2022-Q2RestatedAnnual report
「The recovery in automotive and medical demand drove sales up 48.5% year on year to ¥1,362 million, but the segment loss was ¥340 million, compared with a loss of ¥163 million in the same quarter of the previous year, due to expenses associated with relocating the US plant and project start-up costs at the Mexico Plant.」
Costs associated with relocating the U.S. plant continue to be recognized. No new milestone, such as completion of the relocation, has been disclosed. - FY2022-Q1RestatedAnnual report
「The recovery in automotive and medical demand drove sales up 76.7% year on year to ¥597 million, but the segment loss was ¥222 million, compared with a loss of ¥151 million in the same quarter of the previous year, due to expenses associated with relocating the US plant and project start-up costs at the Mexico Plant.」
Costs associated with relocating the U.S. plant continue to be recognized. No new milestone, such as completion of the relocation, has been disclosed. - FY2021AdvancedAnnual report
「This was a business restructuring loss associated with the relocation of the Company's subsidiary Advanex Americas, Inc.」
Regarding the transfer and relocation of the California plant, a business restructuring loss of ¥148.354 million was recognized in the current fiscal year, indicating that the relocation had reached the implementation stage. Capital expenditures related to the plant relocation were scheduled for completion in March 2022. - FY2021-Q3First statedAnnual report
「At its board meeting held on 21 December 2020, the Company resolved to transfer the fixed assets comprising the plant in California, U.S., held by its consolidated subsidiary Advanex Americas, Inc.」
The Company explained that the California plant had become less competitive due to rising labor and fixed costs in the surrounding area and customer relocations. It decided to transfer and relocate the plant to the Midwest and South, where major customers are concentrated and labor and fixed costs are lower. The current plant is scheduled to remain in operation under a lease until the relocation is completed, and a gain on the sale of fixed assets of ¥875 million was also recognized.