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News Release

Acquisition of Management Control of Permintex Industries of Malaysia
- Expanding Automotive Business in Malaysia -

August 11, 2009

Furukawa Electric Co., Ltd. and Furukawa Automotive Systems Inc. (Koura-cho, Inukami-gun, Shiga) (collectively “Furukawa Electric Group”) announce the acquisition of 46% of the outstanding shares of Permintex Industries Sdn. Bhd. on August 3, 2009. Permintex Industries Sdn. Bhd. is a subsidiary of Permintex Holdings Sdn. Bhd. of Malaysia, which held 95% of the shares. After this acquisition, Furukawa Electric Group increased their stake from 5% to 51% and acquired management control of Permintex Industries.

Furukawa Electric Group will establish the basis for future management led by the group as soon as possible and will expand automotive business in Malaysia.

Background and purpose of the acquisition of management control

Permintex Industries was established in 1993 to manufacture and sell wire harnesses for manufacturers of national vehicles of Malaysia. In the same year, Permintex Industries concluded a technical assistance agreement with Furukawa Electric Group, which had acquired 5% of the stock of Permintex Industries in 2005, and continued to produce and sell wire harnesses. With Furukawa Electric Group acquiring the management control, Permintex Industries will improve QCDDM (Note 1) and will expand the business.

Permintex Industries is the second joint venture of Furukawa Electric Group and Permintex Holdings, following P.T. Furukawa Permintex Autoparts Indonesia in Indonesia. Furukawa Electric Group is aiming to expand its automotive business in collaboration with Permintex Holdings.

With the acquisition of the management control, the corporate name of Permintex Industries has been changed to Permintex Furukawa Autoparts Malaysia Sdn. Bhd.

Profile of Permintex Industries after the acquisition

Corporate Name Permintex Furukawa Autoparts Malaysia Sdn. Bhd
Head Office Jitra, Kedah, Malaysia
Investment Ratio  Furukawa Electric Group 51%
(Furukawa Electric Co., Ltd. 20.4%, Furukawa Automotive Systems Inc. 30.6%)
Permintex Holdings Sdn. Bhd. 49%
President Kazuhito Otsuka
Officers Three from Furukawa Electric Group and two from Permintex Holdings
Date of Equity Transfer August 3, 2009
Capital MYR 13.0 million (Approximately JPY 360 million)
Number of Employees Approximately 1,300

Profile of Permintex Holdings Sdn. Bhd.

Head Office Jitra, Kedah, Malaysia
President & CEO Dato’ Mohd Zin Baharom
Capital MYR 19.8 million (Approximately JPY 550 million)
Business A holding company operating companies engaging in auto parts, engineering, oil and gas, and food and biotechnology businesses in Malaysia and Indonesia

Glossary

(Note 1)QCDDM:
QCDDM is an abbreviation for the quality, cost, delivery, development and management that are required by automobile manufacturers from their suppliers.Back to Main Content

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