Worth reading
50Recurring
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Mixed performance
Direction inferred from the company’s description.Scale
60
Equity interest (%)Wording
Avoiding a definitive answer
How definitive the wording is.This transaction
This transferCounterpartyInci Holding A.S.
Disclosing companyGS Yuasa Corporation
TimelineThe spacing between the points is proportional to the actual number of days.White points represent dates designated as scheduled dates in the document.
Target company
Manufacture and sale of lead-acid batteries for automobiles and forklifts
Location Manisa Province, Republic of TürkiyeShare capital TRY692,000,000 (¥2,525 million, as of the end of December 2025)Date of incorporation 7 October 1984
Net SalesTRY9,371 million (¥37,015 million), fiscal year ended March 2025
Operating profitOperating loss of TRY51 million (¥201 million), fiscal year ended March 2025
Net income for the current fiscal yearNet loss of TRY1,083 million (¥4,278 million), fiscal year ended March 2025
Net assetsNet assets of TRY1,457 million (¥5,755 million), fiscal year ended March 2025
Impact on Business Performance
The impact on the Company's consolidated results for the fiscal year ending March 2026 is expected to be immaterial. If the currently published consolidated earnings forecast is affected, including by other factors, the Company will make an announcement promptly.
Procedures and assumptions
Conditions Precedent to ExecutionClearance from the government authorities of each relevant country
Management structure after acquisitionManagement will be locally led. The new management structure is scheduled to commence in May 2026, following completion of the transfer. The relationship will be restructured with IGYA serving as a contract manufacturer, and sales expansion in Europe will be pursued. Employee treatment: Not disclosed.
| Item | Details |
|---|---|
| Transaction name | This transfer |
| Counterparty name | Inci Holding A.S. |
| Name of the Subject Company | Inci GS Yuasa Aku Sanayi ve Ticaret Anonim Sirketi (IGYA) |
| Business Description of the Subject Company | Manufacture and sale of lead-acid batteries for automobiles and forklifts |
| Location of the Subject Company | Manisa Province, Republic of Türkiye |
| Capital Stock of the Subject Company | TRY692,000,000 (¥2,525 million, as of the end of December 2025) |
| Date of Establishment of the Subject Company | 7 October 1984 |
| Net Sales of the Subject Company | TRY9,371 million (¥37,015 million), fiscal year ended March 2025 |
| Operating Profit of the Subject Company | Operating loss of TRY51 million (¥201 million), fiscal year ended March 2025 |
| Net Income of the Subject Company | Net loss of TRY1,083 million (¥4,278 million), fiscal year ended March 2025 |
| Net Assets of the Subject Company | Net assets of TRY1,457 million (¥5,755 million), fiscal year ended March 2025 |
| Voting rights ownership percentage | Before 60.0% (after not disclosed) |
| Impact on Business Performance | The impact on the Company's consolidated results for the fiscal year ending March 2026 is expected to be immaterial. If the currently published consolidated earnings forecast is affected, including by other factors, the Company will make an announcement promptly. |
| Contract Date | 24 March 2026 |
| Execution Date / Effective Date | May 2026 (予定) |
| Conditions Precedent to Execution | Clearance from the government authorities of each relevant country |
| Management structure after acquisition | Management will be locally led. The new management structure is scheduled to commence in May 2026, following completion of the transfer. The relationship will be restructured with IGYA serving as a contract manufacturer, and sales expansion in Europe will be pursued. Employee treatment: Not disclosed. |
Items this document does not state (15)
Acquisition priceExpenses other than the acquisition priceType of ConsiderationMerger ratio/share exchange ratioTender offer priceMinimum number of shares to be purchasedTender offer periodNumber of shares acquiredFunding arrangementsGoodwill amountAmount of extraordinary income (loss)Date of board resolutionValuation methodologyIndependent valuation institutionSpecial Committee
These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.
The reasons the company gives
The company's own explanation, not something inferred from the numbers.After reviewing its strategic portfolio and holding extensive discussions with IH, its local partner, the Company determined that locally led management would be in the interests of both parties.
How to read this page
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