Tokyo (October 25, 2001) - Nissan Motor Company announced today that it would sell its entire stake (86.98% of all shares issued) in Nissan Altia Co., Ltd. The transaction will be completed by the end of October 2001 through the expected management buyout (MBO) to Ruby Holdings Co., Ltd. financed by FBF2000, L.P., an investment fund administered by Fuji Management Co., Ltd. FBF2000 anticipates capital funding from the Nissan Altia Management Board. No other terms of the transaction are disclosed
Nissan Altia is involved in a broad range of car related businesses such as development and sales of car accessories, including Nissan genuine car accessories, automotive service equipment, and plant machinery as well as dealers' retail outlet design. The company has targeted growth outside of the Nissan group through development and sales of its independent brand accessories. Nissan's business with Nissan Altia will continue.
As Nissan continues to divest of non-core businesses under the Nissan Revival plan, this marks the fourth MBO executed by Nissan affiliates.
Nissan Revival Plan is well ahead of schedule and delivering significant profits as promised. This half, Nissan will report its third consecutive half-year of record profits, with an operating income expected to be 187 billion yen, 39% more than last year, and an operating margin of 6.2%. The company also reported that it had reduced consolidated net automotive debt by 149 billion yen in the past six months to 804 billion yen and expected net income after tax to come to 230 billion yen, for a return on net sales of more than 7.5%.
Nissan Altia:
Company Name: Nissan Altia Co., Ltd.
Business Areas: Development and sales of car accessories, including Nissan genuine car accessories, automotive service equipment, and plant machinery as well as dealers' retail outlet design
Establishment: February 1937 .
Representative: Sakae Komuro, President
Location: Shinagawa-ku, Tokyo.
Net Sales: 61 billion yen (in FY2000)
Employees: 577 (at September 2001)
end