Totoku Electric Transfers Jung Shing Wire Shares to Furukawa Magnet Wire

Japanese major electric wire manufacturer and Furukawa Electric’s affiliate company, Totoku Electric announced on Friday the firm decided share transfer of Taiwanese magnet wire maker, Jung Shing Wire to Furukawa Magnet Wire, a magnet wire manufacturing company of Furuakwa Electric Group. Totoku Electric presently holds 32.16% shares in Jung Shing Wire. Totoku Electric firstly transfers approximately 30.5 million shares (21.77% against the total share number) to Furukawa Magnet Wire on July 15 and all of the rest shares in near future.

Furukawa Electric previously integrated magnet wire manufacturing business inside the Group, transferring the production operations from Furukawa Electric itself and two group companies, Totoku Electric and Riken Electric Wire, to the integration company, Furukawa Magnet Wire. Meanwhile, share transfer of Jung Shing Wire hasn’t been implemented. Furukawa Magnet Wire decided to hold Jung Shing Wire’s shares along the business integration strategy.

Jung Shing Wire’s full-year net sales were 14.2 billion yen with 279 million yen net profit in 2010. The capital fund is approximately NT$ 1.4 billion (approximately 4 billion yen).