Sumitomo Electric and Hitachi Metals agree to a transfer of J-Power Systems' shares

Sumitomo Electric Industries, Ltd. and Hitachi Metals, Ltd. are pleased to announce that they have agreed to a transfer of J-Power Systems Corporation's shares—in which both have 50 percent equity holdings—in accordance with the memorandum of understanding issued on November 29, 2013. Per the agreement, Hitachi Metals will transfer all its J-Power Systems shares to Sumitomo Electric, and Sumitomo Electric will accept them.

1. Summary

Hitachi Metals will transfer its 50 percent holding of J-Power Systems' shares to Sumitomo Electric, and J-Power Systems will become a wholly owned subsidiary of Sumitomo Electric on April 1, 2014.

2. Timelines

Signing of share transfer contract: February 3, 2014 Transfer and acquisition of shares: April 1, 2014 (tentative).

Source: Sumitomo Electric Industries, Ltd.

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