Tokyo, Japan, Aug. 26, 2004 (PRIMEZONE) -- Dissolution and Liquidation of Subsidiary
Tokyo, Japan, Aug. 25, 2004 --- TDK Corporation announces today that the Board of Directors resolved on August 25, 2004 to dissolve and liquidate TDK Manufacturing (Hong Kong) Co., Ltd., a wholly owned subsidiary of TDK Hong Kong Co., Ltd., which is a Hong-Kong based wholly-owned subsidiary of TDK. The dissolution and liquidation of TDK Manufacturing (Hong Kong) is scheduled to take place around the end of this year.
Particulars
1. Outline of TDK Manufacturing (Hong Kong) (1) Name: TDK Manufacturing (Hong Kong) Co., Ltd. (2) Headquarters: Yuen Long, New Territories, Hong Kong (3) President: Yoichi Aiba (4) Capital: HK$24 million (5) Business activities: Production of small ferrite cores (6) Number of employees: 34
*Data is current as of July 2004.
2. Reason for the Dissolution and Liquidation
TDK Manufacturing (Hong Kong) has been producing small ferrite cores in Hong Kong for some time, but TDK is enhancing its production efficiency by consolidating its manufacturing bases in China.
3. Impact on TDK's consolidated business results
Any impact arising from the dissolution and liquidation of TDK Manufacturing (Hong Kong) that might affect the consolidated business results of TDK is negligible.
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