綿半ホールディングス announced that it had acquired all shares of 東陽興業, an electrical equipment contractor in Nagano Prefecture. The purchase price was not disclosed. The appointments of the president and the new management team were decided effective 24th, and the company plans to retain its employees.
綿半ホールディングス announced that it had acquired all shares of 東陽興業, an electrical equipment contractor based in Iida, Nagano Prefecture. The aim is reportedly to capture infrastructure development demand ahead of the opening of the Chuo Shinkansen maglev line.
The purchase price was not disclosed. Effective 24th, 綿半HD President Nohara Isamu (野原勇) changed from president of 綿半HD to chair of 東陽興業, while 綿半インテック Director Kinoshita Shoki (木下承起) changed from director to president of the company. The company plans to retain its name and employees, and the M&A was reportedly completed with mediation by Iida Shinkin Bank.
東陽興業 was established in 1950 and has undertaken electrical equipment and fire protection facility construction, mainly in Nagano Prefecture. By integrating the company with 綿半HD's construction business, the group will establish a structure capable of undertaking wooden construction, roof and exterior renovation, and equipment installation as an integrated service.
The group is expected to strengthen its integrated construction and equipment operations going forward.