Fuji Technica Inc., the second-ranked metal mold manufacturer, announced that it will acquire Miyazu Seisakusho So., the third-ranked mold maker, with financial help from the ETIC, a government-backed turnaround body. Miyazu, which has closed down one of two factories and trimmed its workforce from 450 to 130, will transfer its operations to Fuji and begin the liquidation process.
The ETIC will invest 5.3 billion yen in Fuji Technica while Fuji Technica will ask major banks including Shizuoka Bank to securitize a total of 3.13 billion yen in debt.
September 21, 2010
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