World Subsidiary Acquires Knitwear Production Operations of the Daiichiseni Group
World Co., Ltd. has announced that its subsidiary Whole Factory Co., Ltd., has acquired the knitwear production operations of the Daiichiseni Group, comprising Daiichiseni Co., Ltd., Vanrecca Co., Ltd. and Tricot Co., Ltd., effective April 1, 2009.
1. Reason for acquiring these operations
Production sites in the domestic knitwear industry have been operating under severe pressured since much of the knitwear (sweaters, etc.) sold in the domestic market continues to depend on Asian production bases centered on China. On the other hand, maintaining a fast and sophisticated system is vital for supplying products that meet high quality standards in response to customer needs. Therefore, the importance of securing a domestic production base for knitwear has grown.
The Daiichiseni Group, which is a leading company in Japan with a high number of WHOLEGARMENT®* flat knitting machines, a cutting-edge technology for producing knitwear, has been manufacturing highly competitive knitwear products for the domestic market. The Group, however, was forced to file for bankruptcy protection on January 20, 2009 as a result of the prevailing business environment described above. World Co., Ltd. subsequently established Whole Factory Co., Ltd. as a subsidiary on March 11 to acquire the knitwear production operations of the Daiichiseni Group. Our Production Division will take the lead in reinforcing collaboration with World Group production companies to establish a domestic knitwear production base that can adapt to the rapidly changing market and to further develop a model for converting loss and waste into value by unifying the entire business process, from production to retail.
- *WHOLEGARMENT® is a registered trademark of Shima Seiki Mfg., Ltd.
1. Overview of company acquiring these operations
|(1) Name||Whole Factory Co., Ltd.|
|(2) Main business||Manufacturing and sales of knitwear products|
|(3) Established||April 1, 2009|
|(4) Main office||629-943 Niiborishinden, Minamiuonuma City, Niigata, Japan|
|(5) Representative||Yoshiaki Yanai|
|(6) Capital||¥99.5 million|
|(7) Number of employees||49 (after transfer of operations)|
|(8) Major shareholder and shareholdings||World Co., Ltd. (99.5%)|