Sumitomo Metal Industries Ltd has announced that it has passed a resolution at a meeting of the Board of Directors held on 31 March 2009. The resolution states that Sumitomo Metals will enter into an agreement with Yokogawa Bridge Holdings Corp. (YBHD) to implement a corporate split (absorption-type split) whereby Sumitomo Metals’ bridge business will be succeeded by its consolidated subsidiary Sumikin Bridge Center Co. Ltd on 1 July 2009 (scheduled date). On the basis of the basic agreement to turn Sumitomo Metals’ bridge business into a joint venture that was concluded between YBHD and Sumitomo Metals on 29 January 2009, Sumitomo Metals conducted further investigations with YBHD and passed a resolution to enter a final agreement relating to the formation of a joint venture at a meeting of the Board of Directors held on 31 March 2009. This corporate split will be carried out before implementing the formation of the joint venture. Sumikin Bridge Center Co. Ltd is scheduled to change its company name to Sumikin Bridge Co. Ltd on the date when the corporate split becomes effective. Sumitomo Metals plans to transfer 60% of the shares outstanding of Sumikin Bridge Co. Ltd (currently Sumikin Bridge Center Co. Ltd) to YBHD on 1 October 2009. The corporate name of this joint-venture company is scheduled to become Yokogawa Sumikin Bridge Corp. from 1 October 2009 onward.
