Taizhou Rishun Electric Appliance Development Co., Ltd. agreed to acquire Taizhou SUMITEC Electronics Co., Ltd. from SEMITEC Corporation.
Taizhou Rishun Electric Appliance Development Co., Ltd. agreed to acquire Taizhou SUMITEC Electronics Co., Ltd. from SEMITEC Corporation (JASDAQ:6626) on June 27, 2017. A contract is expected to be signed after October 2017. Taizhou Rishun Electric Appliance Development Co., Ltd. signed an agreement to acquire Taizhou SUMITEC Electronics Co., Ltd. from SEMITEC Corporation (JASDAQ:6626) for ¥373 million on October 25, 2017. As of March 2017, Taizhou SUMITEC Electronics reported net assets of ¥463.42 million, total assets of ¥838.97 million, sales of ¥1.63 billion, operating profit of ¥70.81 million and net income of ¥66.25 million. The deal is subject to approval from Chinese authorities.