February 20, 2017
Investment in EPSITEC S.R.L. in Italy
CKD Corporation (headquartered in Komaki, Aichi and headed by Kazunori Kajimoto, President) acquired 39% of the shares of EPSITEC S.R.L. in Italy, a distributor of pneumatic components and other products made by CKD, on January 16, 2017.
In order to strengthen sales of our products in Europe, we established a local sales subsidiary, CKD Europe B.V. in the Netherlands and held its opening ceremony on January 20, 2017. As a further measure, we acquired the shares of EPSITEC to make use of its sales network in Italy, which is the second largest market in Europe after Germany. EPSITEC has been selling CKD products in Italy and CKD products have accounted for 90% of products handled by them. We possess a call option that gives us the right to buy 100% of EPSITEC’s shares within a period of five years and will aim to acquire 100% of the shares within a period of three years.
<Overview of Investment>
1. Investment to:
Name of company: EPSITEC S.R.L.
Location: Florence, Tuscany, Italy,Number of directors and employees: 11 in total
Sales:1,510,000 euro (approximately equivalent to 181,000,000 yen), result in 2015
2. Amount of investment:390,000 euro (approximately equivalent to 47,000,000 yen)
3. Date of contract signing:January 16, 2017