|
 |
|
TRANSLATION
For inquiries, please contact:
Yoshifumi Tsuchiya
General Manager, General Affairs, Corporate
Administration Division, Isuzu Motors Limited
6-26-1 Minami-Oi, Shinagawa-ku, Tokyo 140-8722
Tel: (03) 5471-1141 |
March 24, 2004
Announcement on the Sale of Fixed Asset
Tokyo, March 24, 2004 - At the board of directors meeting held today, Isuzu Motors Limited (Code: 7202, 1st Section of TSE) passed a resolution on the sale of fixed asset as follows:
1. |
Rationale
Isuzu Motors and its group companies have been promoting to right-size the total asset base in accordance with the New Three-year Business Plan. As a part of this initiative, Isuzu decided to sell a land property as described below. |
|
2. |
Subject property assets to be sold:
| (JPY Mil) |
| Property and Location |
Book Value |
Transfer Price |
Current Status |
Land property of the Kawasaki Plant
|
Owned by |
: |
Isuzu Motors Limited |
| Lot area |
: |
181,525.68 |
| Address |
: |
Tonomachi, Kawasaki-ku, Kawasaki-shi, Kanagawa Pref. |
|
19,600 |
15,371 |
Currently in use by Isuzu Motors, as the KawasakiPlant |
|
|
| |
Note: The board resolution this time concludes the sale of entire land property held by the Company for the Kawasaki Plant, since the Company had already sold a 185,997.18 lot on the west portion of the Kawasaki Plant to the Urban Development Corporation in July 2001. |
|
3. |
Buyer of the property
| Name of the company : |
|
Yodobashi Camera Co., Ltd. |
| Headquarters : |
3-20-1 Kita-Shinjyuku, Shinjyuku-ku, Tokyo, Japan |
| President : |
Akikazu Fujisawa, President and Representative Director |
| Main line of business |
General Merchandiser of camera, home electric/electronic appliances, office automation appliances, etc. |
| Relationship with Isuzu Motors |
| - Cross shareholding : |
None |
| - Exchange of personnel : |
None |
| - Commercial transaction : |
None |
|
|
|
4. |
Sales transaction schedule:
| - March 24, 2004 |
: |
Resolution of the Board of Directors Meeting, and Sales Agreement |
| - May 2004 |
: |
Relocate manufacturing operation to Fujisawa and Tochigi |
| - Late February 2005 |
: |
Closure and property transfer |
|
|
5. |
Going forward:
The asset sales in question will call for approximately a 1.5 billion-yen extraordinary loss in fiscal year ending March 2005, for the net difference of book value and transaction price of the property, including transfer fees and tax effect. |
# # #
|
