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Press Release 2022

2022/Dec/13

Korea Optical High Tech Co., Ltd. Liquidation Notice

Nitto Denko Corporation (Headquarters: Osaka; President, CEO & COO: Hideo Takasaki; “Nitto”, hereafter) announces that it has decided to liquidate its South Korean subsidiary, Korea Optical High Tech Co., Ltd., as described below.
1. Reasons for the liquidation of Korea Optical High Tech Co., Ltd.
On October 4th, 2022, a fire broke out at the Korea Optical High Tech Co., Ltd site. The fire spread to a wide range of production areas, severely damaging the facilities and resulting in the plant having to suspend operations. We have considered and discussed the resumption of this plant. However, in addition to the expectation that it will take a long time to recover, and the shift of the display market outside the South Korean area is progressing further, the Board of Directors of Nitto, the parent company, determined that it would be difficult to resume production at the site. It resolved to liquidate the company today at the extraordinary general meeting of shareholders of Korea Optical High Tech Co., Ltd.
2. Outline of Korea Optical High-Tech Co., Ltd.
(1) Company Name: Korea Optical High Tech Co., Ltd.
(2) Location: Gumi City, Gyeongsangbuk-do
(3) Established: November 17th, 2003
(4) Representative: Michihiro Hagiwara
(5) Paid-in-Capital: 22 billion Korean Won
(6) Investment Ratio: Nitto 100%
3. Settlement Schedule
(1) Resolution at the extraordinary general meeting of shareholders of Korea Optical High Tech Co., Ltd.:
December 13th, 2022
(2) Settlement completed: April 2024 (planned)
4. Future Outlook
・We will secure supply to our customers through alternative production at other sites.
・The earning forecast for the year ending March 31st, 2023, announced on October 26th, 2022, includes operational losses associated with the sales of assets. The impact is expected to be insignificant.

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