Taiyo Nippon Sanso Corporation (TNSC) and Hitachi, Ltd. recently reached a preliminary agreement on the acquisition by TNSC of Hitachi Oxygen Co., Ltd.,through a lump-sum transfer of shares in the subsidiary.
The companies are expected to sign a share transfer agreement in March, following the completion of the due diligence process by TNSC.
On March 31, 2006 the company will commence operation as a wholly-owned subsidiary of TNSC. Through the development of a supply and distribution network,Hitachi Oxygen enjoys long-term contractual relationships with its customers in Ibaraki. The company possesses superior technology for gas-related applications such as an in-house developed automated bulk-gas supply system for servicing remote areas. In cooperation with other members of the Hitachi Group, Hitachi Oxygen is also actively cultivating gas technologies in cutting-edge fields such as atomic energy, electronics and medical services.
TNSC is working to further strengthen its nationwide supply network(in Hokkaido and Shikoku area), by adding the local industrial gas producers.
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