Notice Regarding the Acquisition of Shares (Subsidiarization) of the New Company Established by Corporate Split of Satori Electric Co., Ltd.

May 9, 2024

OTAX Co.,Ltd.
Nippa-cho 1215, Kohoku-Ward, Yokohama, Kanagawa
Shukei TOMITA, President/ CEO

Subject: Notice Regarding the Acquisition of Shares (Subsidiarization) of the New Company Established by Corporate Split of Satori Electric Co., Ltd.

Dear our stakeholders,

We hereby announce that our company has decided to acquire all shares of a newly established company, which will succeed the electric power tools and trigger switches business for gardening equipment (hereinafter referred to as “the Business”) through a corporate split from Satori Electric Co., Ltd. (hereinafter referred to as “Satori Electric”). Today, we have concluded a share transfer agreement with Satori Electric for the acquisition and subsidiarization of the new company.

1. Background of the Share Acquisition

Since our founding in 1974, we have grown alongside the manufacturing and sale of industrial switches. Additionally, we are expanding our business globally, with a focus on East Asia and Southeast Asia, to position ourselves as a global company capable of sustainable growth in the long term. We consider it our major mission to quickly grasp market needs, realize them, and deliver “the products and services required for the times” to our customers in a timely manner.

After continued discussions with Satori Electric, we concluded that combining the development capabilities, product strength, and sales network of the Business with our switch operations would generate synergies, allowing us to expand our business foundation, strengthen competitiveness, and increase customer satisfaction while contributing to society.

2. Planned Date of New Company Share Acquisition
August 30, 2024

3. Name of the New Company
SHIBA Co., Ltd.
Please note that the company name is expected to be changed after the share acquisition.

We will continue sincere discussions between both parties regarding the details of the new company, and we will notify you as soon as a decision is made.

Sincerely yours,

Inquiries Regarding This Announcement
OTAX Co., Ltd.
Hiroshi NARITA, Director
TEL: 045-543-5621