NSK Ltd. today announced that it has decided to transfer ownership of a fixed asset.
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Press Release
Notice of Transfer of Fixed Assets
Transfer Purpose
The Company has decided to transfer the asset in question in order to improve asset efficiency through the effective use of management resources.
Outline of the asset to be transferred
| Location | 4-1, Saginuma, Miyamae Ward, Kawasaki City, Kanagawa Prefecture |
|---|---|
| Name and description of the asset | Land 36,861 m2, building 371 m2 |
| Current status | Used as a sports ground |
The transfer price and book value will not be disclosed in detail according to our contractual agreement with the transferee. The transfer price is appropriate and reflects the market price.
Outline of the Transferee
The transferee is an educational entity, but we will refrain from disclosing further details according to our contractual agreement with the transferee. In addition to continuing to contribute to the local community by allowing use of the facilities, etc., the transferee will take into account the requests of Kawasaki City, such as requests regarding operational considerations and to meet the needs of the surrounding urban area.
Website: Schedule of the transfer
- Date of decision by Company Representative： April 28, 2021
- Contract execution date： April 28, 2021
- Handover date (planned)： October 29, 2021
Effects on NSK's Business Performance
As a result of the transfer of the fixed asset, we expect to record approximately 9.7 billion yen in operating income in our consolidated financial results for the fiscal year ending March 31, 2022. On a non-consolidated basis, approximately 9.5 billion yen is expected to be recorded as extraordinary income.
About NSK
NSK began its journey manufacturing the first bearings in Japan in 1916, and has since developed into a global organization researching, designing, and manufacturing Motion & Control™ solutions essential for mobility and industrial applications. NSK is the top supplier of bearings in Japan and is the third largest supplier in the world by market share.
Our responsive products and technologies enhance automotive performance and industrial productivity while reducing energy consumption to unprecedented low levels. In the early 1960s, we set our sights outside Japan and have established over 200 business locations in 30 countries alongside a vast network of joint ventures and partnerships in all corners of the world.
NSK Corporate Philosophy
NSK contributes to a safer, smoother society and helps protect the global environment through its innovative technology integrating Motion & Control. As a truly international enterprise, we are working across national boundaries to improve relationships between people throughout the world.