Press ReleasesNippon Paper Industries Announces Fixed Asset Transfer
Nippon Paper Industries Co., Ltd.
Nippon Paper Industries Co., Ltd. (the Company) announces that a meeting of its Board of Directors held on August 27, 2013 resolved to transfer the following real estate owned by the Company:
1. Reason for the Transfer
The Company will transfer the concerned real estate for improving the management efficiency and strengthening the financial position of the Nippon Paper Group.
2. Summary of Asset to be Transferred
| Asset details and address | Transfer value | Book valueă |
|---|---|---|
| 5-1-39 Oji, Kita-ku, Tokyo and others | 16,600 million yen | 727 million yen |
Land measuring 43,146.34 m2 and structure
3. Summary of Transferee
The Company does not disclose the identity of the transferee under an agreement with the transferee. There is no capital tie, personal relationship or business connection between the transferee and the Company that should be stated here. It will be disclosed promptly when an official announcement becomes possible.
4. Transfer Schedule
| August 27, 2013: | Resolution by the Board of Directors of the Company |
|---|---|
| August 27, 2013: | Contract conclusion |
| September 30, 2014: | Property transfer (planned date) |
5. Future Outlook
The Company expects the property transfer to produce a net gain on sales and disposal of property, plant and equipment of about 15,000 million yen, excluding expenses, etc., in the fiscal year ending March 31, 2015.
With the transfer, Nippon Paper Logistics Co., Ltd. (Representative: Fumihiro Noguchi), currently located at the address stated above, will move its head office to Soka City, Saitama Prefecture. In an associated move, Nippon Paper Unitec Co., Ltd. (Representative: Tetsumi Oko) will relocate its head office to Fuji City, Shizuoka Prefecture.