August 24, 2016 -- Toshiba Medical Systems Corporation (“TMSC”, headquarters: Otawara, Tochigi Prefecture, Japan; President: Toshio Takiguchi) hereby announces that it has concluded an Absorption-type Company Split Agreement (“Company Split Agreement”) to succeed to the industrial video camera system business, including video cameras for medical equipment, (“the Business”) of Toshiba Corporation (“Toshiba”) by a company split.
1. Purpose of the Company Split
TMSC will expand its businesses and cultivate new business fields to strengthen the components business by combining TMSC’s diagnostic medical imaging business with Toshiba’s video processing technologies.
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2. Overview of the Company Split
(1) Schedule
Date of contract August 24, 2016
Effective date October 1, 2016
(2) Method of the Company Split
The absorption-type company split method is used, in which Toshiba initiates the Company Split and TMSC is the succeeding company.
(3) Rights and Obligations to Be Succeeded
TMSC will succeed to only the assets, contractual status, etc. that belong to the Business.
Notwithstanding the above, TMSC will not, through the Company Split, succeed to the employment agreements of the employees engaged in the Business or any rights and obligations associated with these agreements. These employees will basically be transferred to TMSC.
3. Overview of the Business Unit to Be Succeeded
(1) Business:
The industrial video camera system business, including video cameras for medical equipment
(2) Financial Performance of the Business to be Split (non-consolidated)
Net sales: 3,936 million yen (FY 2015 result)
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