Allocation of Witz shares to Aisin Seiki
Aug. 29, 2014
Aisin Seiki Co., Ltd.
Witz Co., Ltd.
Aisin Seiki and Witz Co., Ltd. (hereinafter "Witz") agreed on Aisin Seiki's acceptance of shares in Witz's allocation of third-party shares, with Aisin Seiki acquiring a 10.7% stake in Witz on August 29, 2014.
1. Reasons for Witz third-party share allocation
With the dramatic rise in the amount of electronics used in motor vehicles in recent years, the complexity of control systems and the size of software packages has been increasing year by year, and issues such as functional safety design of electric and electronic systems and security for software have been increasingly critical. Under these circumstances, Aisin Seiki elected to accept third-party shares allocated by Witz so as to accelerate integrated system, mechanical, and software product planning and development, and to reinforce and boost the efficiency of our functional safety design framework.
Using the funds secured through this third-party share allocation, Witz intends to strengthen its business foundations, and both companies plan to remain at the forefront of new technology development through exchange of human resources and joint R&D projects.
2. Company summaries
|Name||Aisin Seiki Co., Ltd.||Witz Co., Ltd.|
|Established||August 1965||June 1997|
|Head Office||2-1 Asahi-machi, Kariya, Aichi, Japan||2-13-1 Sakae, Naka-ku, Nagoya, Aichi, Japan|
|Representative||Fumio Fujimori, President||Shuji Wakita, President|
|Capital||45.049 billion yen||62 million yen|
|Sales||796.122 billion yen||1.009 billion yen|
|Main business||Manufacture and sales of automotive parts and lifestyle-related products||Research, design, and development of embedded software, etc.|