January 19, 2015, Taipei, Taiwan
CSB Battery Co., Ltd (hereinafter “CSB”) shareholders, Mr. Chen
Chau-Hai and Mr. Richard Chen, and other minority shareholders’ interest in
the company has been acquired by and transferred to Hitachi Chemical Co.,
Ltd (hereinafter “Hitachi Chemical“) of Japan.
Shin-Kobe Electric Machinery Co., Ltd. (hereinafter “SKEM”), a wholly
owned subsidiary of Hitachi Chemical, held 27.1% of the shares in CSB and
Hitachi Chemical acquired 33.7% of CSB shares bringing the total CSB
shareholding of Hitachi Chemical to 60.8% consisting of 44,927,000 shares. A
resolution passed at the Board of Directors meeting held on January 16, 2015
has appointed Mr. Teruo Oka as the new Chairman of CSB with Mr. Andrew
Wang remaining as President. Past Chairman & CEO Mr. Richard Chen, past
Chairman Board Director Mr. Chen Chau-Hai, and Board Director Mr. John
Wang have resigned as Board Directors.
Hitachi Chemical and CSB enter into a new era of close partnership.
Hitachi Chemical will benefit from CSB’s established global operations,
manufacturing strength and extensive sales channels worldwide to intensify
the growth of the Hitachi Chemical energy business unit’s revenue. CSB
benefits from Hitachi Chemical include human resource talent acquisition,
technological advancements, product improvements, brand management and
a renewed corporate vision.
The merger of Hitachi Chemical and CSB brings together two companies
at the forefront of their industries enabling greater leverage of synergies and
extending their market reach to provide increased customer satisfaction and
sustainable energy products.
Ms. Sally Chou
Associate Vice President