December 11, 2019
Notification regarding the closure of a consolidated subsidiary
Tokyo, December 11, 2019 - TOA Corporation (Headquarters: Kobe, Japan, President, CEO: Kazuhiro Takeuchi) has closed Dynatech Corporation (SHEN ZHEN) (“Dynatech” below), a consolidated subsidiary of TOA Corporation. The pertinent issues are outlined below.
1. Reasons behind closing Dynatech
Since its inception in 2001, Dynatech has manufactured TOA Group worldwide acoustic equipment. However, in response to sudden recent environmental shifts in the global economy, TOA Corporation is faced with the need to optimize its group-wide production system and further enhance its competiveness. In pursuit of these goals, TOA Corporation has decided to close Dynatech.
2. Production transfers
The production of major items formerly produced by Dynatech will be transferred to other production hubs in the TOA Group. We will continue to supply products in this way.
3. Future plans
We plan to initiate liquidation proceedings, with completion of liquidation planned for March 2021.
4. Impact on performance
The impact of this matter on TOA Corporation consolidated performance will be negligible.