Toshiba Corp:To offer an early-retirement program to employees, who are above 40 years old and have been worked for 10 years or more, due to structural reform.The company expects about 1,200 employees to take the offer.Offering starts from Jan. 2016.Says the employees who take up the offer will retire by the end of March 2016.The company will provide retirement payment and outplacement support to the retiring employees.
General Electric Co:Commences GE Capital Corporation reorganization.Says holders of gecc preferred stock to receive GE preferred stock.Says GE will separate gecc's international and U.S. operations.Says GE commences GE Capital Corporation reorganization.Says gecc's international operations will be consolidated under a new international holding company.Expects to complete GE Capital Corporation reorganization by December 3, 2015.Gecc will merge with and into GE on December 2, 2015.New U.S. intermediate holding company owned by GE, GE Capital global holdings, will replace gecc as holding company of gecc's operations.Upon merger, obligations of gecc under its then outstanding debt obligations will be assumed by GE.Says gecc's U.S. operations will be consolidated under a new U.S. holding company, GE Capital US holdings, inc.Holders of three series of stock issued by gecc with liquidation preference of $5 billion to receive on December 3 stock to be newly issued by GE.Holders of gecc preferred stock that as of close of business on December 2, 2015 will receive cash representing an interim cash dividend.
3M Co:Says restructuring plan.Says restructuring plan that will result in an expected reduction of 1,500 positions worldwide.Says restructuring plan worldwide with estimated pre-tax savings of $130 million in 2016.Says reductions primarily focused on structural overhead, largely in U.S., slower-growing markets;particular emphasis on EMEA And Latin America.
Toshiba Corp:To transfer DNA examination system business to its wholly owned subsidiary TOSHIBA MEDICAL SYSTEMS CORPORATIO on Dec. 1.
3M Co:To explore strategic alternatives for its health information systems business.Selection of a strategic direction is anticipated by the end of Q1 2016.Says has retained Goldman, Sachs & co. as its investment banker to assist the company in exploring strategic alternatives.Alternatives for health information systems could include spinning-off, selling, or retaining and further investing in business within 3M.No decision made with regard to alternatives;there can be no assurance that exploration of strategic alternatives will result in transaction.
Mitsubishi Heavy Industries Ltd:To transfer Hydraulic machine, accelerator, and Intelligent Transport Systems business to a wholly owned Kobe-based subsidiary Mitsubishi Heavy Industries Mechatronics Systems Ltd, and the two entities have signed a transfer contract on July 31.Transfer Hydraulic machine, accelerator business effective Oct. 1 and Transfer Intelligent Transport Systems business effective Nov. 1.
Equation Summit Ltd announces members’ voluntary liquidation of a subsidiary- appointment of liquidator
Equation Summit Ltd:Further to the Company’s announcement dated 30 June 2015 and 27 July 2015, Ms Julia Kappel-Gnirs has been appointed as the liquidator of Equation Technology Limited’s wholly-owned German-incorporated subsidiary, M3 Electronics GmbH.
Hitachi Ltd:To merge with its wholly owned subsidiary Hitachi Medical Corporation and sub-subsidiary Hitachi Aloka Medical, Ltd wholly owned by Hitachi Medical, on April 1, 2016.Says Hitachi Medical Corporation and Hitachi Aloka Medical, Ltd will be dissolved after the transaction.To establish a new wholly owned subsidiary mainly engaged in manufacture of medical equipment, general analysis systems, medical analysis systems and medical information systems, on April 1, 2016.
Equation Summit Ltd:It plans to dissolve and liquidate its 70% owned Hong Kong-incorporated subsidiary, Equation Technology Limited (ETL) and ETL’s wholly-owned German-incorporated subsidiary, M3 Electronics GmbH (M3).
Mitsubishi Corp:To transfer oil sales business for industrial customers to wholly owned subsidiary Mitsubishi Shoji Sekiyu Co., Ltd (MCS), effective Oct. 1.To merge wholly owned subsidiary MC. ENERGY, INC. (MCE) with MCS, effective Oct. 1.MCE to be dissolved.MCS to change name to Mitsubishi Corporation Energy Co., Ltd, effective Oct. 1.