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TOKYO, Mar 9, 2022 - (JCN Newswire) - Showa Denko K.K. (SDK) (TOKYO: 4004) announces that it was resolved at the Board of Directors meeting held today that SDK will set the firm name of a new company (the newly integrated company) which is planned to be organized in January 2023 as a result of integration of SDK and Showa Denko Materials Co., Ltd. (SDMC), which is a member company of the Showa Denko Group, as in below. Execution of this resolution is subject to adoption of relevant resolutions by shareholders at an extraordinary general meeting of shareholders of Showa Denko K.K., which is planned to be held in late September 2022, and is also subject to adoption of relevant resolutions by shareholders at an extraordinary general meeting of shareholders of SDMC, which is planned to be held in late September 2022.
We will announce the details of this matter including changes in articles of incorporation as soon as they are decided.
1. Firm name of the Newly Integrated Company
Resonac Corporation
As stated in the news release titled "Showa Denko Group Starts to Consider Transformation into Holding Company Structure," which is announced at the same time today, we will consider transformation of our company structure from the current one into holding company structure. In this plan, we will set the current Showa Denko K.K. as a company to be split, execute the company split, make Showa Denko Materials Co., Ltd. (SDMC), which is a wholly owned subsidiary of HC Holdings K.K. (HCHD), in which SDK holds 100% of voting rights, succeed all businesses currently operated by SDK, and merge HCHD into SDMC. Then we will set SDMC as a company to be split, execute the company split, and make SDK succeed a part of SDMC's assets and liabilities.
If execution of this plan is finalized, firm names of the holding company and the manufacturing company will be set as follows.
- Holding company (current Showa Denko K.K. (planned)): Resonac Holdings Corporation
- Manufacturing company (current Showa Denko Materials Co., Ltd. (planned)): Resonac Corporation
2. Corporate logotype
https://www.acnnewswire.com/docs/Multimedia/Resonac_Logo.jpg
3. Reason for change in the firm names
In January 2023, SDK and SDMC will cooperatively transform themselves into a holding company structure, in which the holding company will specialize in formulating and executing group strategy, and functioning as a company listed on the stock exchange, and the newly integrated company (a company involved in manufacturing) will focus on strengthening competitiveness of each business of the Company in order to realize synergy of integration of SDK and SDMC as soon as possible, and operating businesses in a quick and flexible manner corresponding to the surrounding environment. The newly organized corporate group will aim to become a "Co-Creative Chemical Company," which will have global top-level competence as a chemical manufacturer, make decisions and act swiftly and flexibly, and co-create better society with key players in various industries and consumers who share a high aim and ideal with us. In order to take a new step as the newly integrated company and realize Co-Creative Chemical Company, we decided to change the new company's name into "RESONAC" concurrently with the integration of the two legal entities.
The Showa Denko Group sees the integration as "the second foundation" for SDK and SDMC. Under the new firm names, the brand-new Resonac Group will ferment the sense of unity further, create new functions required of the time as an advanced material partner, and contribute to sustainable development of global society.
4. Our hope put into the new firm name and corporate logotype
The new firm name "RESONAC" was created as a combination of two English words, namely, the word of "RESONATE" and "C" as the first letter of CHEMISTRY. Into RESONAC, we put our hope that the Group's wide-ranging and flexible advanced material technologies will be connected and resonate with our partners' various technologies and ideas to realize bright future, and the resonance will spread further to meet new partners, thereby creating a powerful surge that changes society.
To express this hope of ours, we put two parallel lines that rises steadily from left to right into the lower left of the first letter R in the new corporate logotype. These parallel lines symbolize co-creation borne by resonance, and also symbolize our strong will to spread the resonance further and challenge to realize bright future together with our partners.
5. The scheduled date of changes in firm names
January 1, 2023
About Showa Denko K.K.
Showa Denko K.K. (SDK; TSE:4004, ADR:SHWDY) is a major manufacturer of chemical products serving from heavy industry to computers and electronics. The Petrochemicals Sector provides cracker products such as ethylene and propylene, the Chemicals Sector provides industrial, high-performance and high-purity gases and chemicals for semicon and other industries, the Inorganics Sector provides ceramic products, such as alumina, abrasives, refractory/graphite electrodes and fine carbon products. The Aluminum Sector provides aluminum materials and high-value-added fabricated aluminum, the Electronics Sector provides HD media, compound semiconductors such as ultra high bright LEDs, and rare earth magnetic alloys, and the Advanced Battery Materials Department (ABM) provides lithium-ion battery components. For more information, please visit www.sdk.co.jp/english/.
For further information, contact:
Showa Denko K.K., Public Relations Group, Brand Communication Department, Tel: 81-3-5470-3235
Topic: Press release summary
Source: Showa Denko K.K.
Sectors: Daily Finance, Chemicals, Spec.Chem, Daily News, Local Biz
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From the Asia Corporate News Network
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