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Hitachi turns TCM into a consolidated subsidiary

Thursday, 19 May 2005 ( #209 ) - TOKYO, Japan
News Story
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 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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