Tianjin Hengruixiang Trading Co., Ltd. and Zhang Junhua cancelled the acquisition of Planer Advanced Plastic Products Co., Ltd. from Kodama Chemical Industry Co. Ltd..
January 23, 2014 at 11:00 pm EST
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Tianjin Hengruixiang Trading Co., Ltd. and Zhang Junhua agreed to acquire Planer (Tianjin) Advanced Plastic Products Co., Ltd. from Kodama Chemical Industry Co. Ltd. (TSE:4222) for CNY 17.7 million on January 24, 2013. Tianjin Hengruixiang will acquire 80% stake and Zhang Junhua will acquire 20% stake in Planer (Tianjin) Advanced Plastic Products. The Board of Directors of Kodama Chemical Industry resolved to transfer the shares in Planer (Tianjin) Advanced Plastic Products on January 24, 2013. The deal is subject to approval from the Chinese government and foreign currency transfer. The share transfer agreement is expected to be signed on January 28, 2013. The transaction is expected to close around May 2013.
Tianjin Hengruixiang Trading Co., Ltd. and Zhang Junhua cancelled the acquisition of Planer (Tianjin) Advanced Plastic Products Co., Ltd. from Kodama Chemical Industry Co. Ltd. (TSE:4222) on January 24, 2014.
KODAMA CHEMICAL INDUSTRY CO.,LTD. is a Japan-based company mainly engaged in the automotive parts business, housing equipment and refrigeration parts businesses, and the entertainment business. It operates through three business segments. Automotive Parts segment manufactures and sells automotive parts such as instrument panels, bumpers, door panels, door trims, luggage trims, pillar garnishes, side mud guards, consoles, cylinder head covers, oil reservoir tanks, and other parts. Housing Equipment and Refrigeration Parts segment manufactures and sells home appliances such as wash mirror cabinets, bathroom ceilings, counter panels, bathtub aprons, washing machine bread, drain traps, sanitary parts, kitchen parts, refrigerator interior parts, office automation equipment parts, as well as food packaging-related products, and single-layer, multi-layer, and coated plastic sheet products. Entertainment segment manufactures and sells entertainment-related products such as game packages.
Tianjin Hengruixiang Trading Co., Ltd. and Zhang Junhua cancelled the acquisition of Planer Advanced Plastic Products Co., Ltd. from Kodama Chemical Industry Co. Ltd..