Citizen Watch Co Ltd resolved at the meeting of the Board of Directors held on July 26, 2006 to commence preparations to shift to a pure holding company system with a target date of April 1, 2007.
The shift to a pure holding company system is a part of the group structural reform to realize the medium- to long-term management strategy: 1. Growth strategy by stronger R&D 2. Growth strategy in Devices Business 3. Further strengthening of stable and profitable business structure in Watches, Industrial Machinery and Electronic Products Businesses and challenge to expand the size of the businesses 4. Stronger Head Office
The new holding company will have functions necessary for group management and a public company, such as Corporate Planning, Human Resources, Accounting, Corporate Communications and Investor Relations. It will be regarded as the management strategy organization to perform total optimization of the Group. In the new scheme, the Citizen Group will promote Group management to further enhance the shareholder value.
Citizen Watch plans to adopt divestiture as the method to separate the company into a holding company and business companies, which will become subsidiaries of the holding company. The holding company will remain listed in Tokyo Stock Exchange and subsidiaries of Citizen Watch will basically become subsidiaries of the holding company.
The introduction of a pure holding company system will be implemented subject to the approval at the extraordinary general meeting of shareholders scheduled for early December 2006. Further details relating to the shift to a holding company system will be announced as they become available.
Citizen has consistently drawn on its leadership in watch technologies to create new possibilities in information and electric equipment, precision parts and industrial machinery.
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