30 May 2019
Daikin Industries, Ltd. announces that a resolution was passed at the Board of Directors meeting held on May 30, 2019, to establish a new subsidiary in China for the manufacture and sales of fluorochemical products as stated below.
The subsidiary is being established to strengthen the manufacturing and sales functions for fluorochemical products in China in the semiconductor and battery materials market where demand is expected to substantially expand in the medium and long term.
|Company Name||Daikin New Materials (Changshu) Co., Ltd.|
|Location||No.28 Hai Kang Road, Advanced Materials Industrial Park, Changshu, Jiangsu Province, China|
|Representative||To be determined|
|Description of Business||Manufacture and sales of fluorochemical products|
|Capital||1 billion yuan (16 billion yen*)
* Calculation of 1 yuan = 16.0 yen
|Investment ratio||Daikin Fluorochemicals (China) Co., Ltd. 60%
Daikin Industries, Ltd. 40%
|Relationship between Daikin Industries and the subsidiary||Capital Relationship:
The subsidiary will be established with Daikin Industries holding a 40% interest.
A Daikin Industries company director will be appointed as one of the three company directors of the subsidiary.
Sales transactions of products will be conducted between Daikin Industries and the subsidiary.
The establishment of the subsidiary will have no significant effect on the consolidated operating results for the fiscal year ending March 31, 2020.
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