KITZ Closes 9.2 Billion Yen Acquisition of V TEX

MT Newswires Live06-02

KITZ (TYO:6498) has finalized the acquisition of all shares of V TEX, turning the industrial special valve and rupture disk manufacturer into a fully owned subsidiary, according to a Tokyo bourse filing on Monday.

The transaction involved purchasing 886,400 shares for nearly 9.2 billion yen, with total costs including advisory fees reaching around 9.37 billion yen.

Following the acquisition, an extraordinary general meeting of V TEX shareholders approved the appointment of new directors and corporate auditors, leading to a restructured management team that includes Kenji Kato as President & CEO.

Several new appointees, such as part-time director Tomoya Maekawa and part-time corporate auditors Toshiyuki Murasawa and Kenichi Bessho, will concurrently hold positions at KITZ.

V TEX will be consolidated into KITZ's financial statements starting from the second quarter of the fiscal year ending December, with any material impact on results to be disclosed later.

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