Business restructuring through the transfer of the compressor business
First written in FY2019. 7 of 12 entries say "Restated". Latest entry: FY2023.
No other company in this theme has enough history to compare yet.
- FY2023Arbitration following the sale of Secop ended in a settlementAnnual report
「After approximately 26 months of discussions, the Company reached a settlement agreement with Secop in March 2023, bringing the arbitration to an end.」
The arbitration over adjustments to the sale price following the transfer of Secop ended with a settlement agreement in March 2023. - FY2023-Q3RestatedAnnual report
「The parties failed to reach an agreement with Orlando Management AG and the transferee's related parties regarding price adjustments to the sale price and other matters in this transaction. The company filed for arbitration with the German Institution for Dispute Resolution on 12 January 2021 and completed registration with the institution on the same day. The arbitration is expected to take 18 to 24 months to conclude.」
The Company reconfirmed that no agreement had been reached on adjustments to the sale price and other matters following the transfer of Secop, and that arbitration proceedings were continuing. - FY2023-Q2RestatedAnnual report
「The parties failed to reach an agreement with Orlando Management AG and the transferee's related parties regarding price adjustments to the sale price and other matters in this transaction. The company filed for arbitration with the German Institution for Dispute Resolution on 12 January 2021 and completed registration with the institution on the same day. The arbitration is expected to take 18 to 24 months to conclude.」
The Company reconfirmed that no agreement had been reached on adjustments to the sale price and other matters following the transfer of Secop, and that arbitration proceedings were continuing. A loss of ¥171 million was also recorded from discontinued operations during the cumulative second-quarter period. - FY2023-Q1RestatedAnnual report
「The parties failed to reach an agreement with Orlando Management AG and the transferee's related parties regarding price adjustments to the sale price and other matters in this transaction. The company filed for arbitration with the German Institution for Dispute Resolution on 12 January 2021 and completed registration with the institution on the same day. The arbitration is expected to take 18 to 24 months to conclude.」
The Company reconfirmed that no agreement had been reached on adjustments to the sale price and other matters following the transfer of Secop, and that arbitration proceedings were continuing. - FY2022RestatedAnnual report
「The parties failed to reach an agreement with Orlando Management AG and the transferee's related parties regarding price adjustments to the sale price and other matters in this transaction. The company filed for arbitration with the German Institution for Dispute Resolution on 12 January 2021 and completed registration with the institution on the same day. The arbitration is expected to take 18 to 24 months to conclude.」
No agreement has been reached on post-transfer price adjustments for Secop, and arbitration proceedings are continuing. - FY2022-Q3RestatedAnnual report
「The parties failed to reach an agreement with Orlando Management AG and the transferee's related parties regarding price adjustments to the sale price and other matters in this transaction. The company filed for arbitration with the German Institution for Dispute Resolution on 12 January 2021 and completed registration with the institution on the same day. The arbitration is expected to take 18 to 24 months to conclude.」
The Company reconfirmed that no agreement had been reached on post-transfer price adjustments for Secop and that arbitration proceedings were continuing. It stated that a loss of ¥232 million was recorded from discontinued operations and that the final loss on the sale may change in the future. - FY2022-Q1RestatedAnnual report
「The parties failed to reach an agreement with Orlando Management AG and the transferee's related parties regarding price adjustments to the sale price and other matters in this transaction. The company filed for arbitration with the German Institution for Dispute Resolution on 12 January 2021 and completed registration with the institution on the same day. The arbitration is expected to take 18 to 24 months to conclude.」
The Company reconfirmed that no agreement had been reached on post-transfer price adjustments for Secop and that arbitration proceedings were continuing. It also stated that a loss of ¥39 million was recorded from discontinued operations in the first quarter, and that the final loss on the sale may change. - FY2021RestatedAnnual report
「As discussions with Orlando Management AG and the parties involved in the transfer failed to reach agreement on adjustments to the sale price and other matters, the Company filed for arbitration with the German Arbitration Institute on 12 January 2021 and completed registration with the institute on the same day.」
The Company reconfirmed that discussions over post-transfer price adjustments for Secop failed to reach agreement and that arbitration proceedings had begun. - FY2021-Q3Proceeding to arbitration over post-sale price adjustmentsAnnual report
「On 9 September 2019, the Company transferred Secop to ESSVP IV L.P., ESSVP IV (Structured) L.P. and Silenos GmbH & Co. KG, advised on investments by Orlando Management AG, collectively referred to below as ESSVP IV. Some sale-related costs are also expected to arise in the future. As discussions with Orlando Management AG and the parties involved in the transfer failed to reach agreement on adjustments to the sale price and other matters, the Company filed for arbitration with the German Arbitration Institute on 12 January 2021 and completed registration with the institute on the same day. The arbitration is expected to take approximately 18 to 24 months to conclude.」
The transfer of Secop itself has been completed, but discussions over adjustments to the sale price and other matters failed to reach agreement, and the matter has proceeded to arbitration. - FY2020-Q2AchievedAnnual report
「On 9 September 2019, the Company transferred Secop to ESSVP IV L.P., ESSVP IV (Structured) L.P. and Silenos GmbH & Co. KG, advised on investments by Orlando Management AG.」
The transfer of the Secop compressor business under the conditions imposed by the European Commission was completed on 9 September 2019. - FY2020-Q1AdvancedAnnual report
「On 12 April 2019, the company submitted to the European Commission a commitment to appoint an independent manager and monitoring trustee for Secop, and lost effective control of Secop upon transferring effective control to that independent manager and monitoring trustee.」
The Company lost effective control of the Secop business and classified it as a discontinued operation. The 100% transfer to ESSVP IV was scheduled for the end of August 2019, and the business restructuring had progressed to the loss of control and preparation for sale. - FY2019First statedAnnual report
「The Company has positioned its appliance, commercial and industrial motor businesses as one of its strategically important businesses and has worked to grow and strengthen them. Secop develops, manufactures and sells compressors for household and commercial refrigerators. Through its acquisition of Secop in 2017, the Global Appliance business made a full-scale entry into the refrigerator market, which was expected to offer significant opportunities for revenue growth. However, on 12 April 2019, the Company obtained conditional approval from the European Commission for its acquisition of Whirlpool's compressor business, Embraco. This transaction is being conducted under the condition of that approval requiring the Company to sell the compressor business to an appropriate purchaser.」
Following the European Commission's conditional approval of the Embraco acquisition, the Company entered into an agreement to transfer the Secop compressor business to ESSVP IV. The timing of the transfer had not been determined.