Kuraray : Notice Regarding Transfer of Shares in Golf Operations Business Subsidiary
July 12, 2023 at 03:11 am EDT
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Kuraray Co., Ltd. (Head Office: Chiyoda-ku, Tokyo; President: Hitoshi Kawahara) announces that it has concluded a share transfer agreement (hereinafter, "share transfer") in which all of its shares in its consolidated subsidiary Iruma Country Club (Head Office: Ogose, Iruma District, Saitama Prefecture; President Shigeru Matsui) will be transferred to RESOL Co., Ltd. (Head Office: Mobara, Chiba Prefecture; President: Naoto Sano), which is under the umbrella of RESOL HOLDINGS Co., Ltd.
1.Objectives and Overview of Share Transfer
Iruma Country Club has been a long-standing member of the Kuraray Group since its opening in September 1977, and has strived to create attractive courses and improve customer service. The club, with its hilly woodland courses, has a reputation for easy access from Tokyo as well as good course conditions, has been well received by many golfers.
However, the Company's medium-term management plan, PASSION 2026, calls for the upgrading Kuraray's business portfolio. As the business environment surrounding the golf industry has changed, various considerations have been made to ensure that the club will continue to provide high-quality services in the future. As a result, Kuraray has determined that entrusting the management of the club to the RESOL Group, which has a reputable, proven track record in the management of hotels, golf courses, and other businesses, will contribute to the future growth of the club, and decided to proceed with the share transfer.
2.Scheduled date of share transfer
August 31, 2023 (tentative)
3.Outlook
This share transfer is not expected to have a material impact on Kuraray's consolidated performance. Going forward, we will promptly disclose any matters requiring announcement, such as revisions to earnings forecasts.
4.Overview of the Transferrer Company and the Transferee Company
Transferrer Company
Company name
Iruma Country Club
Head Office
1159-1 Ogose, Iruma District, Saitama Prefecture
Representative
Shigeru Matsui, President and Representative Director
Establishment
June 1972
Capital
¥40 million
Main business
Golf operation business (Iruma Country Club 18-hole course)
Shareholder
Kuraray Co., Ltd.: 100%
Transferee Company
Company name
RESOL Co., Ltd.,
Headquarters
1808-1 Manna, Mobara, Chiba Prefecture
Representative
Naoto Sano, President and Representative Director
Main businesses
Hotel Management Business, Golf operation business
Major shareholders
RESOL HOLDINGS Co., Ltd.: 95%, RESOL GENERAL RESEARCH INSTITUTE Co., Ltd.: 5%
Masaru Osawa, President and Representative Director
Establishment
February 27, 1931
Capital
¥3.95 billion
Sales and profit
Net sales: ¥22,061 million, Operating income: ¥324 million (fiscal year ended March 31, 2023)
Main businesses
Hotel operations business, Golf operations business, RESOL NO MORI (CCRC), Welfare business, Renewable energy business, and Investment recovery business
Major shareholders
Mitsui Fudosan Co., Ltd.: 41.02%, Konami Group Corporation: 20.39%
Kuraray Co. Ltd. published this content on 12 July 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 July 2023 07:10:09 UTC.
Kuraray Co., Ltd. is the world's leader in the manufacturing and marketing of chemical products, resins and synthetic fibers. Net sales break down by family of products as follows:
- chemical and resin (45.6%): functional resins and films, elastometers, thermoplastics, adhesives, fine chemistry products, etc. primarily for cosmetic products, televisions and mobile phones screens, foot packaging and paper manufacturing;
- fibers and textile products (29.8%): synthetic fibers and man-made leather, polyester, nonwoven textile products, resins, etc. sold under the brands Kuralon, Clarino Vectran and Kuraflex;
- functional materials (18.8%): methacrylic resin, medical chemicals, carbon materials, etc.;
- other (5.8%): primarily dental treatment and water purifying products.
At the end of 2019, the group had 52 production worldwide.
Net sales break down geographically as follows: Japan (27.1%), China (13.8%), Asia (12.3%), Europe (23.6%), the United States (18.5%) and other (4.7%).