Mitsubishi Materials Corporation (President: Akira Takeuchi; hereinafter "MMC"; capital: 119.4 billion yen) announced today that the procedures for the transfer of all shares in Ryoei Metals Corporation, a consolidated subsidiary operating a precision forging business under Advanced Materials & Tools Company of MMC, to Hayakawa Inc. were completed on October 1, as announced in the press release "Notice of Transfer of Shares in a Subsidiary" dated July 21.
The impact of this transfer of shares on MMC's financial performance has already been included in the consolidated earnings forecast for the fiscal year ending March 31, 2017.
The Advanced Materials & Tools Company in MMC provides an extensive lineup of products essential in many industries, such as cemented carbide products, including drills and inserts used for the processing of parts for automobiles and aircraft worldwide. The Advanced Materials & Tools Company plans to fortify its foundation for its growth and increase global competitiveness by further concentrating its management resources on serving the demand for products used in automobiles, which is expected to grow particularly in the emerging markets.
July 21, 2016：Notice of Transfer of Shares in a Subsidiary