Notice Regarding Sale of NSK Europe Group Company Neuweg
<p style="text-align: center;"><img src="/ueditor/php/upload/image/20240726/1722005977465776.png" title="1722005977465776.png" alt="1.png"/></p><p style="text-align: justify;"><span style="font-family: arial, helvetica, sans-serif; font-size: 12px;">NSK Ltd. (NSK; Headquarters: Tokyo, Japan; President and CEO: Akitoshi Ichii) today announced that the Company has decided to sell its European production subsidiary Neuweg to individual investor Mr. Stephen Lord, its Plant Manager Mr. Willi Castro and its Finance Director Mr. Dominik Szell. The sale is expected to be completed in the first half of 2024. NSK does not expect any significant effects from this sale on its business performance.</span></p><p style="text-align: justify;"><span style="font-family: arial, helvetica, sans-serif; font-size: 12px;">1. Reason for sale.</span></p><p style="text-align: justify;"><span style="font-family: arial, helvetica, sans-serif; font-size: 12px;">Neuweg became a member of the NSK Group when the Company acquired UPI in 1990. Since then Neuweg has continued to produce double-row ball bearings under its brand/design. Due to the limited synergy with our existing business, we have been negotiating the sale of the company as part of our Europe structural reorganization and have now reached an agreement.</span></p><p style="text-align: justify;"><span style="font-family: arial, helvetica, sans-serif; font-size: 12px;">2. Subsidiary to be sold (Neuweg)</span></p><p style="text-align: justify;"><span style="font-family: arial, helvetica, sans-serif; font-size: 12px;">Company Name Neuweg Fertigung GmbH </span></p><p style="text-align: justify;"><span style="font-family: arial, helvetica, sans-serif; font-size: 12px;">Head Office Ehinger Strasse 5, D-89597 Munderkingen, Germany </span></p><p style="text-align: justify;"><span style="font-family: arial, helvetica, sans-serif; font-size: 12px;"> Representative Directors Dr. Ulrich Nass, Mr. Michio Komaba </span></p><p style="text-align: justify;"><span style="font-family: arial, helvetica, sans-serif; font-size: 12px;">Business Bearing manufacturing </span></p><p style="text-align: justify;"><span style="font-family: arial, helvetica, sans-serif; font-size: 12px;">Capital 8.9 million Euro </span></p><p style="text-align: justify;"><span style="font-family: arial, helvetica, sans-serif; font-size: 12px;">Established July 2, 1954 </span></p><p style="text-align: justify;"><span style="font-family: arial, helvetica, sans-serif; font-size: 12px;">About Mr. Stephen Lord. </span></p><p style="text-align: justify;"><span style="font-family: arial, helvetica, sans-serif; font-size: 12px;">Consultant and individual investor</span></p><p style="text-align: justify;"><span style="font-family: arial, helvetica, sans-serif; font-size: 12px;">Principal partner and management consultant at Dow Schofield Watts</span></p><p style="text-align: justify;"><span style="font-family: arial, helvetica, sans-serif; font-size: 12px;">As an individual investor, currently managing more than 10 projects, including power generation, machinery and robotics</span></p><p><br/></p>
26 Jul,2024
