MEC Acquires Chinese Unit After Dissolving Hong Kong Unit

MT Newswires Live10-23

MEC (TYO:4971) is dissolving and liquidating its subsidiary, MEC Hong Kong, effective Oct. 22, due to shrinking sales activities and to improve overall business efficiency, according to a Tokyo Stock Exchange filing on Tuesday.

MEC, which manufactures and markets chemicals and equipment for printed circuit boards, said its Hong Kong unit was set up in March 1996 as a sales base for China.

As part of the restructuring, MEC will acquire all shares of MEC Fine Chemical (Zhuhai), currently a subsidiary of MEC Hong Kong. This acquisition will make MEC Fine Chemical a wholly-owned subsidiary of MEC.

This acquisition aligns with the dissolution plan and will not alter the company's consolidation scope, it said. The changes aim to enhance management efficiency across the group.

Price (JPY): $3680.00, Change: $-50, Percent Change: -1.34%

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