July 29, 2010
Nissan to Spin-off Industrial Machinery Division,
effective October 1, 2010
YOHOHAMA (July 29, 2010), - Nissan Motor Co., Ltd., today announced that its Board of Directors has decided to spin-off its Industrial Machinery Division and establish a new company, "Nissan Forklift Co., Ltd.", effective October 1, 2010.
Nissan announced on May 13th that it began a study to determine the feasibility of spinning-off its Industrial Machinery Division, simultaneously starting preparations of the possible spin-off.
The aim of this spin-off is to strengthen the division's autonomy and implement a flexible management system to position the forklift business for a sustainable growth, cope with the challenging environment surrounding the forklift industry, as well as establishing an independent entity with clear responsibilities required as an enterprise.
The spin-off will have no impact on Nissan's consolidated performance.
<Overview of the Newly Established Company>
|New Company (Plan)|
|(1) Company Name||Nissan Forklift Co., Ltd.|
|(2) Business Outline||Development, production and sales of industrial machinery|
|(3) Date of Establishment||October 1, 2010 (Plan)|
|(4) Headquarters||1-1, Takashima 1-chome, Nishi-ku, Yokohama-shi, Kanagawa 220-8686, Japan|
|(5) Position and name of representative||Akira Shiki, President|
|(6) Paid-in Capital||495 million yen|
|(7) Common stock (issued and outstanding)||9,900|
|(8) Net Asset||16,000 million yen (Individual)|
|(9) Total Asset||16,741 million yen (Individual)|
|(10) Fiscal Term||March 31|
|(11) Major Shareholder and Its Shareholding Ratio||Nissan Motor Co., Ltd., 100%|
|* The overview information is a forecast based on the effective date of spin-off. Net assets and total assets are the estimated amounts based on data as of March 31, 2010.|