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JVC Spins Off Recordable Media Business

And starts a joint venture owned at 65% by Taiyo Yuden

At the Board of Directors’ meeting held on May 26, 2008, Victor Company of Japan, Limited (JVC) adopted resolutions to spin off its recordable media business to a new company, Victor Advanced Media Co., Ltd. and to transfer a portion of the new company’s shares to Taiyo Yuden Co., Ltd.

Some disclosure items and content have been omitted since JVC is creating the new spin-off company independently.

Objectives:
Under its new Medium-term Management Plan, JVC is currently reforming its business structure and management foundation by focusing on consumer electronics, professional systems, and entertainment as its three future core businesses. These reforms include concentrated efforts to strengthen these core businesses, as well as fundamental review of other businesses.
In the process of JVC’s investigation of thorough structural reforms the company considered the transfer or spin-off of its recordable media business.
As a result, JVC decided to spin-off this business to the new company Victor Advanced Media Co., Ltd. and transfer a portion of the shares of this company to Taiyo Yuden Co., Ltd. JVC judged this to be the best option for business continuity. It will also make maximum use of the brand strength, technology, and know-how that JVC has cultivated up to the present; ensure continuity in responsibility for product supply to existing customers; and secure the employment of JVC personnel working in the recordable media business.
The subject of the share transfer is JVC’s recordable media business.
 
Content of business to be spun off:
Development, manufacturing, and sales of magnetic tapes and optical discs for recording purposes, and other incidental operations.  
 
Method for the partial share transfer:
 On July 1, 2008, JVC will spin-off its recordable media business and establish a new company with a 100% capital investment (Victor Advanced Media Co., Ltd.) to carry out the development, manufacturing, and sales of Victor and JVC brand recording media (tapes and optical discs) and other incidental operations. JVC will subsequently transfer 65% of the shares of the new company to Taiyo Yuden Co., Ltd.
 
Transfer value and settlement method:
The transfer value is to be determined based on the assessed value of the business as of the end of September, and the payment will be made in cash.
 
Transfer of employees:

The related employees will resign from JVC to be newly hired by the new company.

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