Tokyo Aluminum Wire Co. To be Dissolved
Showa Denko K.K. (SDK) announces that its affiliate, Tokyo Aluminum Wire Co., Ltd., will be dissolved on September 30, 2013.
1.Outline of the company
Company name: Tokyo Aluminum Wire Co., Ltd.
Head office: 13-9, Shiba Daimon 1-chome, Minato-ku, Tokyo
President: Takashi Shimazu
Scope of business: Production and sale of aluminum rough drawing wire for electric cables, and aluminum alloy rough drawing wire
Date of establishment: April 1965
Capital: \250 million
Shareholders: Showa Denko K.K. (17%); Fujikura Ltd. (17%); Hitachi Cable, Ltd. (17%); SWCC Showa Cable Systems Co., Ltd. (17%); Furukawa Electric Co., Ltd. (17%); Tokyo Electric Power Company (13%); and Kandenko Co., Ltd. (2%)
2.Reasons for dissolution
Tokyo Aluminum Wire Co., Ltd., which has been producing and selling aluminum rough drawing wire for electric cables, is to be dissolved because demand for aluminum electric cables, due to new construction or replacement, will remain at a low level for many years to come.
A resolution to dissolve the company will be adopted at the end of September 2013. Liquidation of the company will be completed by the end of December 2013.
The company is one of SDK’s affiliates to which the equity method is applied. Liquidation of the company will have only slight influence on SDK’s business results.
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