NEC Announces Transfer of Shares in a Consolidated Subsidiary
- Written by ACN Newswire - Press Releases
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.
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Authors: ACN Newswire - Press Releases
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