Hitachi turns TCM into a consolidated subsidiary

News Story
- 19 May 2005 ( #209 ) - TOKYO, Japan
1 min read
Hitachi Construction Machinery Co Ltd (HCM) will turn Japanese forklift and wheel loader maker TCM Corp into a consolidated subsidiary.

HCM became the largest single shareholder of TCM in July 2003 when it acquired a 30 per cent stake in the company. By April 1, 2005, the shareholding had reached 46 per cent.

A Forkliftaction.com News source said TCM's financial results would now be part of HCM's consolidated results, as of the second quarter of fiscal 2005/06, ending March 2006.

"According to Japanese accounting rules, although HCM has less than 50 per cent of TCM's shares, TCM's financial results will now be a part of HCM's consolidated results.

"This is because HCM has more than 50 per cent of directors of TCM and they can make decisions at board meetings ... They've got the majority of votes," he said.
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