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For Immediate Release
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Hitachi Metals, Ltd. (March 29, 2005)
Code:5486
URL http://www.hitachi-metals.co.jp
2-1 Shibaura 1 chome, Minato-ku, Tokyo
Contact: Sig Ishigay, Officer and General Manager
Corporate Communications Tel: +81-3-5765-4073
Stock Exchange where listed (section): Tokyo(First), Osaka(First)
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Notice of Dissolution of Subsidiary |
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Tokyo, Japan, March 29, 2005—— Hitachi Metals, Ltd. has announced
a decision to dissolve Hitachi Metals Australia Pty. Ltd., a subsidiary, as follows.
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1. Dissolution of Hitachi Metals Australia Pty. Ltd.
(1) Background to dissolution
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Hitachi Metals Australia Pty. Ltd. has engaged in business activities as a sales base in Australia. Due to declining demand amid a shrinking market in recent years, Hitachi Metals has decided to dissolve Hitachi Metals Australia Pty. Ltd. as a part of restructuring measures for the Hitachi Metals Group.
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(2) Company Profile
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Name: Hitachi Metals Australia Pty. Ltd.
Location: Suite 104, 11 Spring Street, Chatswood, N.S.W. 2067, Australia
President and Representative Director: Tony, Wesley
Business: Sales of Hitachi Metals products in Australia
Date Est.: April 1, 1984
Total Assets: ¥155 million (as of February 28, 2005)
Settlement Period: March 31
Capital and Ownership Ratio: ¥32 million (held entirely by the Hitachi Metals)
Past Three Years' Results:
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Fiscal 2001 |
Fiscal 2002 |
Fiscal 2003 |
| Net Sales |
¥334 million |
¥348 million |
¥358 million |
| Ordinary Profit |
(¥ 1 million) |
(¥ 2 million) |
(¥ 2 million) |
| Net Income |
(¥ 1 million) |
(¥ 2 million) |
(¥ 2 million) |
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2. Upcoming Agenda: Designated for breakup on April 8, 2005
3. Impact on Hitachi Metals performance
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The impact of the dissolution of this subsidiary has already been factored into the Company's earnings estimates, so there will be no revisions to earnings estimates.
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