Spin-off of the "Altis" Business and Use of the Group

「The main factors included a slight increase in sales of plumbing and bathroom products and sanitary ware despite the decline in new housing starts, as well as increased sales of original bathtubs for high-income customers and household air conditioners and other products targeted for strengthened procurement.」

「株式会社アルティス分割準備会社 changed its corporate name to 株式会社アルティス as of 1 October 2020.」

「At a Board of Directors meeting held on 25 March 2020, we resolved to change the effective date of the absorption-type company split agreement, approved on 19 December 2019, under which part of the business of our consolidated subsidiary 株式会社アベルコ would be transferred to 株式会社アルティス分割準備会社, from 1 April 2020 to 1 October 2020.」

「At a Board of Directors meeting held on 19 December 2019, we resolved to establish 株式会社アルティス分割準備会社, wholly funded by us, and to transfer part of the business of our consolidated subsidiary 株式会社アベルコ to 株式会社アルティス分割準備会社. Accordingly, we resolved to separate the relevant business from 株式会社アベルコ and make it a subsidiary of our company. Through this arrangement, we will utilize the subsidiary across the Group and seek to enhance the Group's overall image and contribute to its performance.」