Notice regarding Agreement of Joint Management for Hakui Maruzen

NTN Corporation (Headquarter: Osaka City, Osaka Prefecture, President: Hiroshi Ohkubo, hereafter, NTN), Marubeni Itochu Sumisho Techno Steel Inc. (Headquarter: Chiyoda Ward, Tokyo, President: Jiro Nakano, hereafter, MISTS) and Mitoe Taira (President of Hakui Maruzen Co., Ltd. (hereafter, Hakui Maruzen, Headquarter: Ishikawa Prefecture)) had an agreement of joint management for the business of Hakui Maruzen.

Due to this agreement, NTN will transfer a part of shares to MISTS after completion of getting authorization by competent authorities. Mitoe Taira holds a part of the shares and will be reappointed to the president on January 1, 2019.

Hakui Marizen, which has the brand of “Taira Forging^®,” is highly competitive in global market in reducing both environmental impact and cost. It is realized with minimum use of material in utilizing the forging technology called “near-net shape” and own-developed rolling mills and molds.

With the reappointment of Mitoe Taira, Hakui Maruzen will work on succeeding its technology and the founding spirit which has been cultivated for 50 years from its foundation and realize the expansion of manufacturing and sales in global market and improve the competitiveness.

MISTS has been selling the forged rings for many years utilizing the excellent technology of Hakui Maruzen. With this acquisition of the shares, MISTS will have a better cooperation with Hakui Maruzen, enhance its sales system and improve its service utilizing the function of MISTS in order to meet the needs of customers who have continuously supported the product.