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The Textile Magazine
MARCH 2012
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51
Toyota-Uster
partnership
for mutual benefit
corporate news
Toyota Industries Corporation
(TICO) and Uster have jointly an-
nounced that they signed a transac-
tion agreement on February 20 un-
der which TICO will raise the offer
price to CHF 44 net per Uster share,
an increase of CHF 6 per share com-
pared to the price announced earlier
in November last.
Mr. Akira Onishi, Senior Man-
aging Director and member of the
Board of TICO, comments: “TICO
is the ideal strategic partner for the
sustainable development of Uster.
We intend to create synergies with
Uster’s excellent quality manage-
ment system and superior sensing
and information handling technolo-
gies and TICO’s expertise in spin-
ning and weaving machinery so that
both companies can deliver added
value to customers. The public ten-
der offer is in the best interests for
Uster’s and TICO’s shareholders,
employees, clients and suppliers.
The transaction will lead to a suc-
cessful future for the company un-
der the leadership of the existing
management.”
Dr. Geoffrey Scott, CEO and
Member of the Board of Uster, says:
“After a full evaluation of its strate-
gic alternatives and thoughtful con-
sideration, our Board believes that
the transaction with TICO is in the
best interests of our shareholders,
customers and employees. I person-
ally fully support the Board’s view
and therefore commit myself ir-
revocably to tender my shares. The
Board and Management are aligned
in joining TICO in a transaction
which delivers significant value to
our shareholders and creates tre-
mendous opportunities for our em-
ployees and clients.”
The dawn of a new era
In November 2011, Toyota In-
dustries Corporation announced
an agreement to buy the remaining
shares of the private equity fund
Alpha, thereby reaching a control-
ling 50.34 per cent stake in Uster
Technologies Ltd.’s share capital.
As stipulated by Swiss law and the
company’s articles of association,
Toyota Industries has made a man-
datory takeover offer at an offer
Dr. Geoffrey Scott,
CEO and Member of the Board of Uster
By K. Gopalakrishnan