Nisshin Seiko Holdings will be created in October as planned. Shareholders of Nisshin Steel and Nippon Metal Industry approved the proposed share exchange merger at each shareholders’ meeting on Tuesday.The share transfer ratio 0.1 share of the holding company will be issued for each 1 share of Nisshin Steel and 0.056 shares of the holding company will be issued for each 1 share of Nippon Metal Industry. They try to seek synergy through the merger targeting one of global top stainless makers. They expect around 13 billion yen of synergy in the recurring profit in fiscal 2016 ending March 2017. Nisshin Steel’s president Toshinori Miki assumes the president and CEO of the holding company while Nippon Metal Industry’s president Hiroshi Yoshimura assumes vice president of the holding company. Nisshin Steel’s chairman Hideo Suzuki assumes chairman of the new company.
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