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Oceania

Press Release 2022

2022/Oct/24

Nitto to Transfer a Portion of its NVH Business to Parker

Nitto Denko Corporation (Headquarters: Osaka, Japan; President: Hideo Takasaki; "Nitto") is pleased to announce its agreement to transfer a portion of its Transportation Business Division’s NVH business (*1) to Parker Corporation (Headquarters: Tokyo, Japan; Listed on the Tokyo Stock Exchange Standard Market; President: Yoshishige Satomi; "Parker"). The transfer is expected to close in April 2023, subject to regulatory approval and the fulfillment of other necessary conditions.
The Nitto Group aims to realize a sustainable environment and society by placing ESG at the heart of its management. The Nitto Group has positioned "Next-generation Mobility," "Information Interface," and "Human Life" as three key growth business domains and it will transform its business portfolio by strategically investing management resources in these growth domains.
The Nitto Group has decided to transfer a portion of its business to Parker in anticipation of future growth in the NVH business through a strategic partnership with Parker. The company will accelerate the transformation of its portfolio and enhance its presence and value in the next-generation mobility market by focusing its resources on applications and technology areas where further growth is expected in the CASE domain, while growing its NVH business by strengthening its partnership with Parker going forward.
The impact of this transaction on the forecast of Nitto's consolidated performance forecast for the fiscal year ending March 31, 2023 is expected to be insignificant.
*1 NVH business
The manufacturing and distribution of components, primarily reinforcement and vibration-damping materials, that improve the comfort and safety of automobile interiors and other living spaces by reducing noise, vibration, and harshness.

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