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Morito-KFS jointly operate hook & loop fasteners biz

07
Apr '08

Morito Co Ltd and Kuraray Fastening Co Ltd (a 100% subsidiary of Kuraray Co Ltd, hereinafter KFS) jointly operate a business for the sale of hook and loop fasteners.

MAGIC TAPE and MAGILOCK manufactured by KFS. With the goal of further reinforcing the existing business partnership and forging an even closer capital partnership framework, these two companies and Kuraray have reached an agreement. Brief details are as follows.

1. Background and Objective of Business and Capital Partnership
KFS hook and loop fasteners have received wide support in Japan for their high quality and wide brand recognition. As Japan distributor for these products, Morito is cooperating with KFS in sales and marketing. In recent years, however, with the globalization of the market, the offshore transfer of production, the diversification of needs and other factors, the environment surrounding the business has changed dramatically. In light of these changes, both companies see a need to construct a new business model.

Morito, a specialized trading company that handles a wide range of commercial materials, such as grommet setters and hooks in the garment and industrial material (including automobile-related) fields, possesses an extensive marketing network and a strong sales force in Japan. KFS, on the other hand, as a specialized producer of hook and loop fasteners, boasts a unique product line coupled with advanced technological and development capabilities.

In order to generate greater synergistic effects and effectively respond to market needs, both companies have decided to forge a business and capital partnership agreement that leverages their individual strengths.

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