Samsung Corp. Acquires Japan Stainless Reroller

Samsung Japan Corporation announced on Thursday Samsung group’s trading firm, Samsung Corporation acquired 100% share of Myodo Metal, which is Niigata based stainless reroller. Samsung Corporation tries to expand output capacity of Myodo Metal to develop export market. The firm supplies precision stainless materials for automotive and electronics parts to Samsung group and other users. The attempt is the first case that foreign firm acquires Japanese stainless maker. Samsung Corporation purchased the share from private investment fund, Phoenix Capital. The fund already purchased 16.67% share from Metal One Corporation and 3.7% from Niigata based Daishi Bank. Samsung Corporation tries to expand Myodo Metal’s business. Myodo Metal, which focuses on domestic sales now, will enter export market through expansion while the firm keeps traditional Japanese customers. Samsung Corporation will supply precision products from Myodo Metal to Samsung Electronics and other group companies and to potential offshore buyers. Myodo Metal produces annual 15,000 tonnes of stainless precision products and processes annual 50,000 tonnes of stainless. The firm has top Japanese share for injection needle. The firm started the business in 1899 and started the precision materials production in 1966. The annual sales were 18.54 billion yen for the year to March 2007.