Announcement of the Amalgamation of Showa Denko Materials' Two Consolidated Subsidiaries in Thailand
October 12, 2020
Showa Denko Materials Co., Ltd.
Showa Denko Materials Co., Ltd. (President and CEO: Hisashi Maruyama; hereinafter "Showa Denko Materials") announces the amalgamation (hereinafter the "Amalgamation") of its consolidated subsidiaries Hitachi Chemical Storage Battery (Thailand) Public Company Limited (hereinafter "HCBT") and Hitachi Chemical Gateway Battery (Thailand) Company Limited (hereinafter "HCGB"), two firms engaged in the lead-acid battery business in Thailand, as well as the establishment of a new company, Thai Energy Storage Technology Public Company Limited (hereinafter "TES").
1. Background and Purpose
Showa Denko Materials established HCGB in December 2019 to restructure and consolidate its lead-acid battery business in Thailand, and transferred the automotive lead-acid battery business of Showa Denko Materials (Thailand) Co., Ltd. (former Hitachi Chemical Asia (Thailand) Co., Ltd.), a manufacturer and distributor of lead-acid batteries, powder metal products, and other products targeting markets in Thailand and other countries across Southeast Asia, to HCGB on March 31, 2020. We have amalgamated HCGB and HCBT, a company operating automotive and industrial lead-acid battery businesses in Thailand, to unify our lead-acid battery business in Thailand. With this Amalgamation, we will utilize our management assets, operate our businesses more efficiently, and contribute to the further development of Southeast Asian societies by providing stable supplies of automotive and industrial lead-acid batteries.
2. Outline of the Amalgamation
(1) Schedule
| HCBT and HCGB's joint meeting of shareholders for the Amalgamation resolution | September 30, 2020 |
|---|---|
| Effective date of the Amalgamation | October 1, 2020 |
(2) Method of the Amalgamation
An amalgamation between HCBT and HCGB was executed whereby TES was established as a new company and HCBT and HCGB were dissolved.
3. Overview of the Companies Subject to the Amalgamation
(1) New company
| Name | Thai Energy Storage Technology Public Company Limited |
|---|---|
| Address | 387 Moo 4, Sukhumvit Rd., Phraek Sa Sub-district, Mueang Samut Prakan District, Samut Prakan Province 10280, Thailand |
| Name of representative | Toshinori Osumi, Chief Executive Officer |
| Principal lines of business | Manufacture and sale of automotive and industrial lead-acid batteries |
| Capital | 784 million Thai baht |
| Established | October 1, 2020 |
| Major shareholder and shareholding ratio | Showa Denko Materials Co., Ltd., 97.9%* |
| Inception of the business | October 1, 2020 |
- ※ Including shares held by Showa Denko Materials' group companies.
(2) Non-surviving companies
| Name | Hitachi Chemical Storage Battery (Thailand) Public Company Limited |
|---|---|
| Address | 387 Moo 4, Sukhumvit Rd., Phraek Sa Sub-district, Mueang Samut Prakan District, Samut Prakan Province 10280, Thailand |
| Name of representative | Toshinori Osumi, Chief Executive Officer |
| Principal lines of business | Manufacture and sale of automotive and industrial lead-acid batteries |
| Capital | 200 million Thai baht |
| Established | June 10, 1986 (acquisition completed: September 8, 2017) |
| Major shareholder and shareholding ratio | Hitachi Chemical Co., Ltd. (current Showa Denko Materials Co., Ltd.), 97.7%* |
- ※ Including shares held by Showa Denko Materials' group companies.
| Name | Hitachi Chemical Gateway Battery (Thailand) Company Limited |
|---|---|
| Address | 260 Moo 7, Gateway City Industrial Estate, Huasamrong Sub-district, Plangyao District, Chachoengsao Province 24190, Thailand |
| Name of representative | Toshinori Osumi, Chief Executive Officer |
| Principal lines of businesss | Manufacture and sale of automotive lead-acid batteries |
| Capital | 584 million Thai baht |
| Established | December 2, 2019 |
| Major shareholder and shareholding ratio | Hitachi Chemical Co., Ltd. (current Showa Denko Materials Co., Ltd.), 100%* |
- ※ Including shares held by Showa Denko Materials' group companies.
4. Future Outlook
The impact of the Amalgamation on Showa Denko Materials' performance is expected to be minor due to the transaction executed between the company's consolidated subsidiaries.
For further information, contact
Public Relations Group, Brand Communication Department