Taiyo Nippon Sanso Corporation (TNSC) and the Sapporo-based company Nippoku Sanso K.K. have recently reached a preliminary agreement on the transfer to TNSC of 87,000 shares of Nippoku Sanso (equivalent to 58.2% of all issued stock).
This share transfer, if affected, would give TNSC management control over Nippoku Sanso.
Under the preliminary agreement, TNSC will acquire all shares in Nippoku Sanso held by its president, Mr. Masahiro Iwasaki, and his family members, by mid-2006. According to current plans, TNSC will put its own management team in place at the helm of Nippoku Sanso by the end of calendar 2005.
Nippoku Sanso K.K., an industrial gas manufacturer supplying customers in Japan’s northernmost main island of Hokkaido, has pursued a course of steady management ever since its establishment in 1929 by the Iwasaki family. Nippoku Sanso began purchasing cutting and welding gases and related equipment from Nippon Sanso, and from Taiyo Toyo Sanso, more than forty years ago, and this business relationship has now assumed considerable significance within TNSC’s overall operations.
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