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Kyocera to Spin Off Domestic Sales Business of Solar Energy Products
JCNN News Summaries - Japan Corporate News Network, Feb 14, 2005 by Dale Hug
Kyocera Corporation (TSE: 6971) has announced that it will transfer its domestic sales business of solar energy products by means of corporate splits to the Kyocera Solar Corporation (KSC), as announced on December 17, 2004.
The corporate split was approved at the Company's Board of Directors Meeting on January 27, 2005.
At present Kyocera handles domestic sales of solar energy products and solar power generation systems for use by domestic public sector industries, while the KSC handles solar power generation systems for residential use. The split will transfer the entire domestic sales division for solar energy products to KSC, as well as integrating a part of its solar energy products manufacturing division, which procures peripheral components incorporated into solar power generation systems, into KSC.
The scheduled date of the split is April 1, 2005 with each share to be issued by KSC to be allocated to the parent. Kyocera anticipates no change in the it's net asset value.
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