SUBARU CORPORATION (hereinafter referred to as “the Company”) has decided in the meeting of the Board of Directors held today to establish a new wholly owned local subsidiary that has a holding company function in the US. The Company announces that the holding company will thereby fall under a specified subsidiary of the Company. Details are provided below.
1. Purpose of the Establishment of Holding Company
The Company will establish a new local subsidiary in the US, which provides the corporate services and other similar services to the subsidiaries within its region, and thereby enhance the management base and internal control.
2. Overview of the Holding Company to be Established
|(1)||Company Name||Subaru USA Holdings Inc.|
|(2)||Address||1209 Orange Street, in the City of Wilmington,|
County of New Castle, Delaware 19801
|(3)||Representative||Fumiaki Hayata, President|
|(4)||Business Description||Provision of corporate services and other similar services to the US subsidiaries|
|(5)||Capital||924 million US dollars* (Amount in Japanese currency 106.3 billion yen.) (at time of establishment)|
|(6)||Date of Establishment||April 1, 2022 (tentative)|
|(7)||Capital Composition||100% owned by the Company|
*The conversion is made at the rate of 115 yen per US dollar.
3. Method of Contribution
The Company will make Subaru USA Holdings Inc. a 100% owned subsidiary of the Company by contributing in kind all shares in the US subsidiaries owned by the Company (Subaru of Indiana Automotive, Inc., Subaru of America, Inc., North American Subaru, Inc., and Subaru Research & Development, Inc.).
4. Business Impact
The impact by this matter on the Company’s consolidated financial results is insignificant.