Termination of the Joint Venture Agreement with Shanghai Valqua Fluororesin Products Co., Ltd.
First written in FY2022-Q3. 2 of 6 entries say "Advanced", first in FY2023-Q2. Latest entry: FY2026.
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- FY2026AchievedAnnual report
「At a Board of Directors meeting held on 27 August 2025, the Company resolved to transfer its entire 100% interest in its consolidated subsidiary Valqua Seal (Shanghai) Co., Ltd. to Shenzhen Wote Advanced Materials Co., Ltd., entered into an equity interest transfer agreement on 5 September 2025, and completed the transfer on 10 December 2025.」
As part of the restructuring of the Chinese business involving Shanghai Valqua Fluororesin Products Co., Ltd., the transfer of the Company's entire 100% interest in Valqua Seal (Shanghai) was completed on 10 December 2025. - FY2026-H1AdvancedAnnual report
「Since 2010, Valqua Seal (Shanghai) Co., Ltd. has primarily manufactured metal bellows and high-performance seals, and since 2017 has also manufactured fluororesin-lined tanks, with permission from the Ministry of Economy, Trade and Industry, in line with investment in semiconductor plant construction in China and overseas. However, the difficult business environment has continued, owing to the dramatic increase in geopolitical risks and the strengthening of preferential policies for domestic companies in China. In light of these circumstances, we determined that it would be difficult to secure stable earnings going forward and decided to transfer the company.」
Entered into an agreement to transfer the Company's entire 100% interest in Shanghai Valqua to Shenzhen Wote Advanced Materials Co., Ltd., with completion scheduled for late December 2025. The transfer price is ¥505 million. - FY2023RestatedAnnual report
「Shanghai Valqua Fluororesin Products Co., Ltd. changed its name to Shanghai Wote Huaben Semiconductor Technology Co., Ltd. and became an affiliate following the partial transfer of its equity interest to Shenzhen Wote Advanced Materials Co., Ltd. on 26 August 2022.」
The annual disclosures also confirm the partial transfer of the interest in the Chinese local company, the change of its name, its change to an equity-method affiliate, and the exclusion of its subsidiary from the scope of consolidation. - FY2023-Q3RestatedAnnual report
「From the second quarter of the current consolidated fiscal year, Shanghai Valqua Fluororesin Products Co., Ltd. became an equity-method affiliate following the partial transfer of its equity interest. In addition, ADVANCED FLON TECHNOLOGIES(SHANGHAI) CO.,LTD., a subsidiary of Shanghai Valqua Fluororesin Products Co., Ltd., was excluded from the scope of consolidation as a result of the transfer.」
Continues to disclose the change of Shanghai Valqua Fluororesin Products Co., Ltd. to an equity-method affiliate from the second quarter and the exclusion of its subsidiary from the scope of consolidation. - FY2023-Q2AdvancedAnnual report
「From the second quarter of the current consolidated fiscal year, Shanghai Valqua Fluororesin Products Co., Ltd. became an equity-method affiliate following the partial transfer of its equity interest. In addition, ADVANCED FLON TECHNOLOGIES(SHANGHAI) CO.,LTD., a subsidiary of Shanghai Valqua Fluororesin Products Co., Ltd., was excluded from the scope of consolidation as a result of the transfer.」
In connection with the termination of the Chinese joint venture agreement resolved in the previous fiscal year, partially transferred its interest in Shanghai Valqua on 26 August 2022, changed the company to an equity-method affiliate, and excluded its subsidiary from the scope of consolidation. - FY2022-Q3First statedAnnual report
「At a Board of Directors meeting held on 22 December 2021, the Company resolved to terminate the joint venture agreement with DAIKIN INDUSTRIES,LTD. for Shanghai Valqua Fluororesin Products Co., Ltd., its Chinese local subsidiary.」
Resolved to terminate the joint venture agreement with DAIKIN INDUSTRIES,LTD. concerning the Chinese local subsidiary.