Aichi, Japan, January 27, 2004
- Tokai Rika Co., Ltd. today announced that it
has reached an agreement to acquire 49% of the
stock of Rica Auto Parts Co., Ltd., in Taiwan
from an individual stockholder. This purchase
will make Rica Auto Parts a 100% subsidiary of
Tokai Rika.
Established in June 1987,
Rica Auto Parts has been a subsidiary of Tokai
Rika, which has maintained a 51% share in Rica
Auto Parts. The parts manufacturer produces
multi-function automotive switches and other
switches, locks and keys. Its major clients in
Taiwan include Kuozui Motors Co., Ltd., China
Motor Corporation, and Ford Lio Ho Motor Co.,
Ltd.
Tokai Rika's action on the
stock purchase was taken primarily to prevent a
possible situation in which the 49% share that is
held by an individual stockowner would be split
up and distributed among many inheritors in the
future. In addition, becoming the sole owner of
Rica Auto Parts will further streamline
decision-making processes and allow Tokai Rika to
take control of management and operations. Tokai
Rika plans to take advantage of this change in
ownership to better serve clients by quickly and
actively meeting their needs.
REFERENCE
Rica Auto Parts Co., Ltd.
Established: June 1987
Location: Taoyuan Hsien,Taiwan
Capital: 80 million NTdollars (250 million yen)
Major products: automotive switches, locks and keys
Sales: 970 million NT dollars (3.06 billion yen) in 2002
Employees: 180
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TOKAI RIKA CO., LTD.
