MONROVIA, CA – Miyachi Unitek Corporation, a leading manufacturer of welding equipment and laser processing systems, announces that its parent company, Miyachi Corporation, has approved a takeover bid by Amada Co., Ltd. The takeover bid period runs from February 13 to March 21, 2013, after which Amada will make Miyachi its consolidated subsidiary and complete acquisition of Miyachi stock.
The takeover bid price is 870 Japanese yen, a premium of 23.58 percent above the most recent stock market share price and 60.22 percent above the average share price for the past six months.
Amada Co., Ltd. is a leading Japanese company, headquartered in Isehara, Kanagawa, which develops, manufactures, sells and services products and systems for metal sheet processing, metal cutting, pressing, and machine tooling. The company was established in 1946 and is listed on the Tokyo Stock Exchange (6113:Tokyo). It has 60 subsidiaries (17 in Japan and 43 overseas) and 6,467 employees as of March 2012. Its consolidated net sales for the fiscal year ending March 2012 was 186 billion Japanese yen.
The takeover bid is intended to take advantage of synergy between Amada and Miyachi, aimed at enhancing mutual technology and market share. Synergy effects include development of new technology and products by combining laser technologies; application of Miyachi’s welding technology to Amada’s metal processing applications; broadening of markets and sales through offering comprehensive solutions that combine technologies; increasing sales to achieve Amada’s three-year sales plan, which aims at consolidated sales of 300 billion Japanese yen; development of global business by using both companies’ sales and servicing networks and brand recognition; and increasing operational efficiency by reducing costs through consolidation of facilities and functions worldwide.
Amada will continue support for Miyachi’s individual initiatives, and will maintain Miyachi’s independent business operations and the Miyachi brand.
“Building a firm collaborative relationship with Amada based on our excellent synergy will help us extend our technology into new areas and collaborate on system business, enabling Miyachi to continuously enhance competitiveness and adjust to fluctuations in the economic environment,” said Dave Fawcett, President and CEO. “Miyachi believes it is the best choice for maximizing the value of the company and its shareholders.”
About Miyachi Unitek
Miyachi Unitek is a leading manufacturer of equipment and systems for resistance welding, laser welding, laser marking, laser cutting, and hot bar reflow soldering and bonding. The company provides products to a wide range of markets, including the medical device, battery, electric vehicle, and solar industries, as well as the global electronics, automotive, and general industrial markets. Miyachi Unitek is an ISO9001 certified company. Contact Miyachi Unitek at its company headquarters, located at 1820 S Myrtle Ave., Monrovia, CA 91016, by phone at (626) 303-5676, or by email at email@example.com. Find out more about the company’s products and services at www.miyachiunitek.com.
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