March 28, 2013
Notice on Suspension of Business at an Overseas Consolidated Sales Subsidiary
On March 28, OKI's board meeting passed a resolution to suspend sales operations under Oki Systems Iberica, S.A.U., an overseas consolidated subsidiary of OKI.
1. Reasons to suspend sales activities
Whilst evaluating measures to enhance the management base for revamping the Printer business to achieve stable profits, OKI has made the decision to suspend sales operations under Oki Systems Iberica, S.A.U., since there are weak signs of recovery against the backdrop of the deteriorating economic climate and market environment in Spain.
Oki Europe Ltd. (European headquarters and parent company of Oki Systems Iberica) will assume responsibility for the existing customers in Spain.
2. Overview of Oki Systems Iberica, S.A.U.
|Company name||Oki Systems Iberica, S.A.U.|
|Name of representative||Matthew Farrow, Managing Director|
|Business||Sales and service of printers and IT equipment|
|Investment||Oki Electric Industry Co., Ltd.
→Oki Data Corporation (Oki Electric Industry Co., Ltd. 100%)
→Oki Europe Ltd. (Oki Data Corporation 100%)
→Oki Systems Iberica, S.A.U. (Oki Europe Ltd. 100%)
|(1) Resolution of board of directors||March 28, 2013|
|(2) Suspension of sales operations||June 30, 2013 (plan)|