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February 9, 2022
(Progress of Disclosure Items) Lintec Announces Acquisition of Business and Establishment of New Company with U.S. Consolidated Subsidiary
Lintec Corporation (hereinafter "Lintec") announced today the completion on February 1, 2022 (local time) of the transfer of the business in manufacture and sales of adhesive paper and film for labels and other products from Spinnaker Holding Inc. (headquarters: Ohio, USA) and its wholly owned subsidiary Spinnaker Coating, LLC (headquarters: Ohio) to Morgan Adhesives Company, LLC (headquarters: Ohio; wholly owned subsidiary of Mactac Americas, LLC, hereinafter "Mactac," which is a wholly owned subsidiary of Lintec USA Holding, Inc.*) This transfer was previously announced in the January 20, 2022 press release titled "Lintec Announces Acquisition of Business and Establishment of New Company with U.S. Consolidated Subsidiary."
Further, the procedures for establishing Spinnaker Pressure Sensitive Products LLC (headquarters: Ohio; wholly owned subsidiary of Morgan Adhesives Company, LLC) as a transferee of this business have been completed, and the following items, which were scheduled for a future date when the business transfer agreement was originally announced, have now been finalized (underlined items).
- Lintec USA Holding, Inc. is a wholly owned subsidiary of Lintec.
1. Overview of Business Transfer
| (1) Business transfer agreement closing date | January 20, 2022 (local time) |
|---|---|
| (2) Closing (date of business transfer) | February 1, 2022 (local time) |
2. Overview of Newly Established Company
| (1) Name | Spinnaker Pressure Sensitive Products LLC |
|---|---|
| (2) Address | 4560 Darrow Rd. Stow, Ohio 44224 U.S.A. |
| (3) Title and name of representative | President: Edward LaForge |
| (4) Business description | Manufacture and sale of adhesive paper and film for labels |
| (5) Capital | US$20 million (JPY2,309 million) |
| (6) Date of establishment | February 1, 2022 (local time) |
| (7) Investor and equity ratio | Morgan Adhesives Company, LLC (100%) |
3. Future Outlook
Lintec will closely examine the impact of this move on its consolidated financial results and will promptly disclose any matters that require disclosure.
The contents of the News Release are as of the announcement date. Please note that they may differ from the latest information.