TOKYO—Kinugawa Rubber Industrial Co. Ltd. is to be taken over by the Japanese government-owned Development Bank of Japan Inc. in a deal designed to help the company meet its global business needs.
Kinugawa's two largest shareholders: Nissan Motor Co. Ltd (with a 22.25 percent stake), and Toyo Tire & Rubber Co. Ltd. (11.89 percent) have also agreed the deal, DBJ said in a March 11 statement.
As outlined in the bid proposal, Kinugawa manufactures rubber and plastic products for the automotive, with a particular focus on vehicle-body sealing parts. Its business strategy is to be meet the requirements of an increasingly globalized automotive industry.
The takeover, according to DBJ, will reconfigure Kinugawa's capital structure enabling it to more quickly build up its production, sales and management structures, to make it a truly global supplier.