English | 简体中文 | 繁體中文 | 한국어 | 日本語
Friday, 3 September 2021, 19:22 JST
Share:
    

Source: NEC Corporation
NEC Announces Transfer of Shares in a Consolidated Subsidiary

TOKYO, Sept 3, 2021 - (JCN Newswire) - NEC Corporation (TSE: 6701) today announced the transfer of all shares in NEC Energy Solutions, Inc. (NEC Energy Solutions), a consolidated subsidiary, to LG Energy Solution, Ltd. (LG Energy Solution). The stock transfer is scheduled to take place following completion of required regulatory clearances.

In recent years, along with the spread of renewable energy, the energy storage system market is expanding. However, market competition is also intensifying. Under these circumstances, in June 2020, NEC decided to suspend taking new orders for NEC Energy Solutions, an energy-related subsidiary that mainly provides power storage systems for electric power companies and businesses, and to continue only the execution and maintenance of contracted projects. Since then, NEC has explored the possibility of selling NEC Energy Solutions, while proceeding with the discontinuation of operations for the subsidiary. As a result, NEC decided to transfer the shares to LG Energy Solution.

The impact of this share transfer on NEC's consolidated financial results for the fiscal year ending March 31, 2022 will be minor.

About NEC Corporation

NEC Corporation has established itself as a leader in the integration of IT and network technologies while promoting the brand statement of "Orchestrating a brighter world." NEC enables businesses and communities to adapt to rapid changes taking place in both society and the market as it provides for the social values of safety, security, fairness and efficiency to promote a more sustainable world where everyone has the chance to reach their full potential. For more information, visit NEC at https://www.nec.com.

Topic: Press release summary
Source: NEC Corporation

Sectors: Daily Finance, Cloud & Enterprise
https://www.acnnewswire.com
From the Asia Corporate News Network


Copyright © 2025 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.

 
NEC Corporation Links

http://www.nec.com

https://www.facebook.com/nec.global/

https://twitter.com/NEC_corp

https://www.youtube.com/user/NECglobalOfficial

https://www.linkedin.com/company/nec/

NEC Corporation Related News
Monday, 10 March 2025, 12:10 JST
CEPI funds Nagasaki University to develop innovative vaccines using Nanoball platform and NEC's AI
Thursday, 6 March 2025, 13:20 JST
NEC improves the energy efficiency and floor space density of 5G Mobile Core systems
Monday, 3 March 2025, 17:42 JST
NEC develops and commercializes 5G-compatible virtualized base stations (vRAN)
Friday, 28 February 2025, 11:30 JST
NEC introduces solution to enhance the security of Open vRAN
Thursday, 27 February 2025, 10:45 JST
NEC establishes new policy to strengthen corporate governance with the aim of continuously enhancing corporate value
More news >>
Copyright © 2025 ACN Newswire - Asia Corporate News Network
Home | About us | Services | Partners | Events | Login | Contact us | Cookies Policy | Privacy Policy | Disclaimer | Terms of Use | RSS
US: +1 214 890 4418 | China: +86 181 2376 3721 | Hong Kong: +852 8192 4922 | Singapore: +65 6549 7068 | Tokyo: +81 3 6859 8575