Printer Friendly

Yamato Kogyo to liquidate real estate subsidiary.

OSAKA, Jan. 23 Kyodo

Steelmaker Yamato Kogyo Co. said Wednesday it will liquidate Yamato Estate Co. due to the wholly owned subsidiary's excessive liabilities by the end of March.

Operations at the real estate company will be transferred to Yamato Kogyo, the steelmaker said.

Yamato Kogyo said it decided to liquidate its subsidiary as it believes operations at the firm will further deteriorate due to a rise in interest rates on bank loans.

Yamato Estate, established in 1985 in Hyogo Prefecture, rents buildings for business use. But it suffered a downturn in business since Japan's asset-inflated bubble burst a decade ago.

The company had 8.2 billion yen in excessive liabilities in the year ended Sept. 30, 2001.

Meanwhile, Yamato Kogyo said it has spun off its rail parts manufacturing division into a new firm.

The company said it will hasten its efforts to spin off its divisions into separate companies and change itself into a holding company in the future.
COPYRIGHT 2002 Kyodo News International, Inc.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2002 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Japan Weekly Monitor
Date:Jan 28, 2002
Previous Article:Workers' nonlegally mandated fringe benefits dip 2.3% on year.
Next Article:METI to oblige large facilities to save energy from FY 2003.

Related Articles
Tokyo Stock Exchange: morning price list (S-Y).
Tokyo Stock Exchange: closing price list (S-Y).
S&P lowers rating for Yamato Mutual Life.
Nucor-Yamato Steel Co.
Deal to save 11 jobs sewn up.
Yamato Kogyo eyes takeover of failed S. Korean steelmaker.
Yamato Kogyo to negotiate takeover of S. Korean steelmaker.
Yamato Kogyo to buy S. Korean electric furnace steelmaker.

Terms of use | Privacy policy | Copyright © 2021 Farlex, Inc. | Feedback | For webmasters |