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Taiheiyo Cement Corporation announced that it will be closing and liquidating
the companies of the Kashima Remicon Group: Kashima Remicon, Yokota Kashima
Remicon, Tama Kashima Remicon, and Rokuei Shoji, all in the business of
mixing and selling ready-mixed concrete. The companies have no prospect
of paying off their debts, which exceed their assets. The decision to liquidate
will be finalized on December 31, 2007, with immediate effect.
Losses associated with these liquidations are estimated at about \4.8 billion;
however, since we have taken charges against these losses in previous fiscal
years to last year, we do not expect them to affect profits for the current
fiscal year.
Kashima Remicon Group company profiles
| Kashima Remicon |
| Location: |
1-59-6 Shibasaki, Chofu-shi, Tokyo |
|
| Representative: |
CEO Hiroshi Inoue |
|
| Sales: |
\2,051 million (FY E12/06) |
|
| Gross assets: |
\4,529 million (FY E12/06) |
|
| Capital: |
\60 million |
|
| Shareholders: |
Taiheiyo Cement Corporation |
91.7% |
|
TC Trading (subsidiary of Taiheiyo Cement) |
8.3% |
Yokota Kashima Remicon |
| Location: |
3-33 Inadaira, Musashi Murayama-shi, Tokyo |
|
| Representative: |
CEO Hiroshi Inoue |
|
| Sales: |
\911 million (FY E12/06) |
|
| Gross assets: |
\244 million (FY E12/06) |
|
| Capital: |
\80 million |
|
| Shareholders: |
Taiheiyo Cement Corporation |
77.5% |
|
Shin'ei-Kashima Un'yu (subsidiary of Taiheiyo Cement) |
22.5% |
Tama Kashima Remicon |
| Location: |
3330 Onojimachi, Machida-shi, Tokyo |
|
| Representative: |
CEO Hiroshi Inoue |
|
| Sales: |
\0 million (FY E12/06) |
|
| Gross assets: |
\10 million (FY E12/06) |
|
| Capital: |
\80 million |
|
| Shareholders: |
Taiheiyo Cement Corporation |
78.8% |
|
Shin'ei-Kashima Un'yu (subsidiary of Taiheiyo Cement) |
21.2% |
Rokuei Shoji |
| Location: |
1-59-6 Shibasaki, Chofu-shi, Tokyo |
|
| Representative: |
CEO Hiroshi Inoue |
|
| Sales: |
\61 million (FY E12/06) |
|
| Gross assets: |
\6 million (FY E12/06) |
|
| Capital: |
\10 million |
|
| Shareholders: |
Kaishima Remicon |
100% |
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