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Announcement Regarding the Dissolution of a Taiwanese Subsidiary
– TOKYO, Japan, October 30 –
At a Board of Directors meeting held on October 30, 2003, Seiko Epson Corporation (“Epson”) made a decision to dissolve its subsidiary company, Epson Industrial (Taiwan) Corporation.
1. Developments leading up to dissolution
Epson Industrial (Taiwan) Corporation is engaged mainly in the manufacture of monochrome liquid crystal displays for mobile phones. As a consequence of the recent spread of color LCDs for mobile phones, sustained growth in the market for monochrome LCDs cannot be expected in the short to medium term.In view of the changes in the business climate mentioned above and from the perspective of enhancing the production efficiency of the Epson Group as a whole, a review was made of Epson’s production operations.
As a result, it was decided that operations at Epson Industrial (Taiwan) Corporation should be terminated.
2. Overview of Epson Industrial (Taiwan) Corporation
Location: No. 19 Chien Kuo Road, T.E.P.Z. Tantze, Taichung Hsien, Taiwan
Representative: Eiji Muramatsu
Capital: T$380 million
Main shareholder: Seiko Epson Corporation (100%)3. Future outlook
In accordance with the Board of Directors’ decision, liquidation proceedings will commence to be completed by the end of FY2004. How assets are to be transferred is currently under study.The impact of the dissolution on Epson’s business results for the current fiscal year has already been reflected in its business forecast.
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