March 01, 2012
This notice concerns the establishment of a locally-domiciled company for Sumitomo Heavy Industry's (hereinafter referred to as "SHI" or the "Company") cryo-cooler business in Taiwan. Details of the newly formed company are provided below:
1. Purpose of Establishing a New Company
In light of the fact that the Taiwan market is growing and the number of orders for the Company's product is increasing, SHI made a decision to establish a locally-domiciled company with the aim to strengthen its local servicing capabilities.
With the establishment of the new company, the Company will be in a stronger position to respond to expanding market demand and will be able to make a strong push to increase sales from this market. Up until this point, SHI's sales and servicing activities in Taiwan were limited to the use of local distributors. However, by having a local presence, the Company will look to improve and expand its sales and servicing capabilities.
2. Profile of New Company
(1) [Name of Company]
Sumitomo (SHI) Cryogenics Taiwan Co., Ltd.
Hsinchu City, Taiwan
Repair and sale of cryo-coolers and cryo-pumps
(5) [Commencement Date]
April 2012 (Scheduled)
(6) [Equity Participant]
SHI - 100%
3. Future Outlook
The impact of establishing this new company in Taiwan is expected to have minimal impact on the Company's financial results for the current fiscal year (period ending March 2012).