UT Group Co.,Ltd. entered into a share transfer agreement to acquire 51% stake in Hitachi Ibaraki Technical Service, Ltd. from Hitachi, Ltd..
October 29, 2023
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UT Group Co.,Ltd. (TSE:2146) entered into a share transfer agreement to acquire 51% stake in Hitachi Ibaraki Technical Service, Ltd. from Hitachi, Ltd. (TSE:6501) on October 30, 2023. As of March 31, 2023, Hitachi Ibaraki Technical Service, Ltd reported net assets of ¥1 billion, total assets of ¥2.2 billion, net sales of ¥4.3 billion, operating profit of ¥150 million, and net profit of ¥97 million. The deal is expected to be completed on March 1, 2024.
The transaction is expected to complete on May 1, 2024.
UT Group Co., Ltd. is a Japan-based company engaged in the indefinite employment and dispatch business for the manufacturing, design, development and construction industry. The Company operates in three business segments. Manufacturing segment is involved in the provision of temporary staffing, contracting and human resources services for the manufacturing industry. Its main customers include domestic semiconductors, electronics, automobiles, building materials and housing equipment companies. Solution segment is involved in the provision of employment dispatch, contracting for transfer in line with structural reforms for main manufacturing companies. Its main customers are major electronics manufacturers in Japan. Engineering segment is engaged in the provision of engineer dispatch, contracting and human resources services for electro-mechanical companies. Its main customers are manufacturers and general contractors.