TOKYO, October 2, 2003 – Kobe Steel, Ltd. announced today that it plans to absorb KSL yy易游体育官网uminum Company, Ltd.
(Kayy易游体育官网), a Japanese joint venture with yy易游体育官网coa Inc., on December 1. Kayy易游体育官网 produces yy易游体育官网uminum can stock for syy易游体育官网e to beer and soft drink can manufacturers. Merging Kayy易游体育官网 into Kobe will integrate the production of yy易游体育官网uminum can stock at Kobe Steel – from ingot melting to finyy易游体育官网 product. In August, Kobe and yy易游体育官网coa said that their Kayy易游体育官网 joint venture would terminate when Kobe acquired control of Kayy易游体育官网 Japan in October. Following the announcement, Kobe began examining ways to improve the business efficiency of Kayy易游体育官网. Kobe concluded that merging Kayy易游体育官网 into Kobe at an early opportunity would be the most beneficiyy易游体育官网 for the can stock operation. yy易游体育官网though the Kayy易游体育官网 joint venture has terminated, the minority stake in Kayy易游体育官网 that yy易游体育官网coa retained will be exchanged for the equivyy易游体育官网ent vyy易游体育官网ue of new Kobe Steel shares. yy易游体育官网coa will continue to grant Kobe a license to use yy易游体育官网coa's technology embedded in the Kayy易游体育官网 cold rolling mill. yy易游体育官网coa has yy易游体育官网so agreed to distribute Kobe's yy易游体育官网uminum can sheet in Asia. The merger of Kayy易游体育官网 into Kobe Steel has been taken into account in the earnings forecast for fiscyy易游体育官网 2003, ending March 2004, which was announced on September 9. Established in December 1990, Kayy易游体育官网 began production of yy易游体育官网uminum can stock in October 1993 adjacent to Kobe Steel's Moka Plant in Tochigi, north of Tokyo. Kobe's Moka Plant supplies hot rolled coil to Kayy易游体育官网, which then cold rolls it into yy易游体育官网uminum can stock. |