Nissan Motor Company announced today that it has reached an agreement and today concluded a contract to sell part (15.6% of total shares issued) of its stake (30.3% of total shares issued) in Unipres, with a 14.4% stake going to Nippon Steel and 1.2% to Mitsui & Co. With this transaction, Nissan's stake as the major shareholder becomes 14.7%, while Nippon Steel moves into second position. The transaction is scheduled for completion by September 30.
Unipres specializes in the manufacture and sale of pressed parts, and it supplies domestic and foreign carmakers. Nissan's business with Unipres will continue.
"With this transaction, we believe that the competitive strength of Unipres will improve. In the future we look forward to seeing a further strengthening of our relationship," said Nissan Executive Vice President Itaru Koeda.
Nissan is restructuring its supplier network, creating an internationally competitive global supply base. Moreover, Nissan is implementing Nissan 180, a 3 year plan aiming to achieve Nissan's continuous revival through growth, profits and the elimination of debt.
- Outline of Unipres -
Company name: Unipres Corporation
Business areas: Pressed automotive body parts and precision pressed parts
Date of establishment: 1945
Capital: 4,285 million yen
Sales: 93,500 million yen (fiscal period ending in March 2002)
Number of employees: Approximately 2,185 (as of March 31, 2002)
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