UEX to Acquire Stainless Processor in Osaka

Tokyo based major stainless steel distributor, UEX, Ltd. announced on Tuesday the firm acquires all shares of Seiko, which is Osaka based major stainless plate shearing processor. UEX will purchase Seiko’s outstanding 48,000 shares from 5 shareholders for several billion yen. The firm will sign the purchase agreement in late September completing the acquisition in early October. The firm strengthens the presence in western Japan through the acquisition. Seiko is one of the major 3 stainless shearing processors around Osaka. The firm with 139 employees posted 598 million yen of recurring profit and 49 million yen of net profit with 10.309 billion yen of sales for the year to May 2006. UEX and Seiko are official dealers of Japanese top stainless maker, Nippon Steel & Sumikin Stainless Steel.