SHOWA DENKO K.K.
November 13, 2006
SDK to Dissolve Showa Aluminum Indonesia
Showa Denko K.K. (SDK) has decided to dissolve its subsidiary PT. Showa Aluminum Indonesia, a producer of Roll-BondTM evaporators for refrigerators. The dissolution procedure will begin in April 2007, for completion by the end of March 2008.
Due to the influx of lower-priced evaporators from China, it is now certain that Showa Aluminum Indonesia will fall into the red this year and there is no prospect of recovery.
The influence of the dissolution on SDK’s consolidated business results is expected to be minimal.
[Reference]
Outline of PT. Showa Aluminum Indonesia
Location: Kawasan Industri Indotaisei Sektor 1A, Blok F-4, Cikampek-Jawa Barat, Indonesia
President: Seikichi Manaka
Capital: 7,233 million rupiah (approx. 93 million yen*)
Total assets: 28,578 million rupiah (approx. 366 million yen*) (as at December 31, 2005)
Settlement of accounts: December 31
Number of employees: 48 (as at October 31, 2006)
Shareholders: Showa Denko K.K. 90%; Alconix Corporation 10%
*Converted at the November 2, 2006 exchange rate of one yen=78 rupiah
Business results in the past three years (in millions of rupiah)
|
|
2003 |
2004 |
2005 |
|
Net sales |
32,949 |
29,487 |
29,906 |
|
Ordinary income |
1,477 |
593 |
1,894 |
|
Net income |
854 |
261 |
1,191 |
For more information, contact:
IR & PR Office (Phone: 81-3-5470-3235)