Key Developments: Denso Corp (DNZOF.PK)
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Latest Key Developments (Source: Significant Developments)
Denso Corp to Pay Year-end Dividend for FY 2013
Denso Corp announced that it will pay a year-end dividend of JPY 37.00 per share (JPY 29,434 million in total), above the latest dividend forecast of JPY 27.00 per share, to all the shareholders as a record of March 31, 2013, effective June 20, 2013. Full Article
Denso Corp Announces Resignation of Chairman
Denso Corp announced that Koichi Fukaya will resign from the position of Chairman of the Board in the Company, effective June 19, 2013. Full Article
Denso Corp’s Subsidiary to Expand Plant-JCN Newswire
JCN Newswire reported that Denso Corp announced that its subsidiary DENSO East Japan Corporation will triple the size of its manufacturing plant. The subsidiary will produce engine cooling modules (ECMs) and other automotive products, in addition to its current production of air conditioning systems. The new facility represents an investment of approximately JPY 8.7 billion (approximately USD 92.5 million) and the number of employees is planned to double from the current 110 to about 220 by 2016. Construction is scheduled to begin on April 18, 2013 and will be completed by February 2014. Production is scheduled to start from May 2014. Full Article
Competition Commission Of India Gives Green Signal To Denso Corp-Pricol Limited's Joint Venture-The Economic Times
The Economic Times reported that fair trade regulator Competition Commission of India (CCI) has approved Japan's auto component maker Denso Corp's proposed joint venture with Pricol Limited saying the deal would not have an adverse impact on competition. The proposed deal involves transfer by auto component maker Pricol, of Denso Technology Instrument Cluster Undertaking, relating to the four-wheeler personal passenger vehicles in Coimbatore and Gurgaon, to subsidiary Pricol Components Ltd (PCL). As per the agreement, upon the transfer, Denso would acquire 51% stake in PCL. Following the joint venture agreement on February 14, 2013, Denso had approached CCI for approval. Full Article
NEC Corp To Sell NEC Mobiling Ltd For JPY70-JPY80 Billion; Marubeni Corp's Unit And Toyota Tsusho Corp And Denso Corp's JV Vying For 51% Stake-Reuters
Reuters reported that NEC Corp will sell its mobile services subsidiary NEC Mobiling Ltd for JPY70 to JPY80 billion ($742 million-$848 million), as the company sheds non-core assets after two years of losses. Marubeni Corp's telecommunications unit and TD Mobile, a joint venture between Toyota Tsusho Corp and Denso Corp, are vying for the 51% stake and a buyer may be picked as early as next week. NEC Corp plans to cut 10,000 jobs, mostly from its mobile phone unit which is struggling in the face of competition from Apple Inc's iPhones and Samsung Electronics Co Ltd's Galaxy smartphones. NEC expects to log a full-year operating profit of JPY100 billion ($1.1 billion) in fiscal 2013. Full Article
A&D Co Ltd Announces Business and Capital Alliance with DENSO Corporation
A&D Co Ltd announced that it has decided to form a business and capital alliance with DENSO Corporation. Through the business alliance, the two companies will collaborate in the development of medical, healthy and measurement equipments. Through the capital alliance, DENSO Corporation will acquire 1,122,000 shares of A&D, and as a result, DENSO Corporation will hold a 5.00% stake in A&D, effective February 27, 2013. Full Article
Denso Corp Raises Consolidated Full-year Outlook for FY 2013
Denso Corp announced that it has raised its consolidated full-year outlook for revenue from JPY 3,410,000 million to JPY 3,450,000 million, operating profit from JPY 225,000 million to JPY 240,000 million, ordinary profit from JPY 243,000 million to JPY 263,000 million, net profit from JPY 138,000 million to JPY 160,000 million and earning per share from JPY 171.24 to 201.28, for the fiscal year ending March 2013. The Company lowered the outlook due to the impact of the lower yen. Full Article
R&I Affirms Denso Corp's Rating at "AA+"; Rating Outlook Stable
Rating and Investment Information, Inc. (R&I) announced that it has affirmed the rating on Denso Corp at "AA+". The rating outlook is stable. Full Article
Denso Corp to Establish New Subsidiary in Cambodia-NNA
NNA reported that Denso Corp will establish a new subsidiary in Cambodia, which will be engaged in the manufacture of sensor parts for magneto, in April 2013. Full Article
Robert Bosch GmbH Sells Stake In Denso Corp for $1.4 Billion-Reuters
Reuters reported that Robert Bosch GmbH said it sold its 5% stake in Japanese peer Denso Corp for roughly EUR1.1 billion ($1.4 billion) to fund investments and strategic acquisitions. Bosch said that the roughly 46 million shares it held in Denso. Full Article
Japan Denso raises profit outlook, sees yen boost for cars, suppliers
TOKYO, Feb 1 - The world's second-biggest auto parts supplier Denso Corp raised its annual profit forecast by 6.7 percent to 240 billion yen ($2.6 billion) on Friday, helped by a weakening yen that also benefits its Japanese customers including Toyota Motor Corp.
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