TOKYO, Dec 13, 2024 - (JCN Newswire) - TANAKA Kikinzoku Kogyo K.K. (Head office: Chuo-ku, Tokyo; CEO: Koichiro Tanaka), which develops industrial precious metal products as one of the core companies of TANAKA Precious Metals, has announced the dissolution of joint management of LT Metal Co., Ltd. (Head office: Seo-gu, Incheon, Korea; CEO: SEOG-HO RO), the joint venture with LT Corp. in Korea, as set forth below.
TANAKA Kikinzoku Kogyo K.K. (hereinafter referred to as the “Company”) had been jointly managing LT Metal Co, Ltd. (formerly named Heesung Metal Co., Ltd.), a joint venture company engaging in manufacturing and sale of electrical contacts, brazing alloys, precious metal plating materials, and other products based on TANAKA Precious Metals’ technologies, with LT Group (formerly named Heesung Group), a member of LG Group in Korea, for 50 years since the founding of LT Metal Co, Ltd. in 1974.
During that period, the Company had been comprehensively cooperating with LT Group in conducting precious metals-related business in Korea. Considering the changes in the business environment globally and in Korea, the Company reached an agreement with LT Corp. to dissolve the joint management of LT Metal Co., Ltd. and terminate non-competition with each other in order to expand business opportunities and pursue the growth of business. The Company will maintain a good relationship and cooperate with LT Group, especially in the precious metals plating business.
About TANAKA Precious Metals
Since its foundation in 1885, TANAKA Precious Metals has built a portfolio of products to support a diversified range of business uses focused on precious metals. TANAKA is a leader in Japan regarding the volume of precious metals it handles. Over many years, TANAKA has manufactured and sold precious metal products for industry and provided precious metals in such forms as jewelry and assets. As precious metals specialists, all Group companies in Japan and worldwide collaborate on manufacturing, sales, and technology development to offer a full range of products and services. With 5,355 employees, the group’s consolidated net sales for the fiscal year ending December 2023, was 611.1 billion yen.
TANAKA Holdings Website
https://www.tanaka.co.jp/english/
Global industrial business website
https://tanaka-preciousmetals.com/en/
LT Corp.
Address: 13F, Orange Planet Bldg., 217, Teheran-ro, Gangnam-gu, Seoul, Korea
Representatives: BON SIK KOO and WOONG-MO KOO
Main Businesses: Management of interests in subsidiaries and investee companies, and investment
Founded: 2023
Net Sales: 431.5 billion won (Consolidated financial statements for 2023)
Employees: 8
Website: www.ltholdings.co.kr
LT Metal Co., Ltd.
Address: 14, Gajaeul-ro, Seo-gu, Incheon, Korea
Representative: SEOG-HO RO
Main Businesses: Electrical contacts, bonding wires, ITO targets, plating materials, and recovery and refining
Founded: 1974
Net Sales: 823.6 billion won (2023)
Employees: 503
Website: www.ltmetal.co.kr
Press inquiries
TANAKA Holdings Co., Ltd.
https://tanaka-preciousmetals.com/en/inquiries-for-media
Press Release: https://www.acnnewswire.com/docs/doc/20241212_EN.pdf
]]>Source: Tanaka Holdings Co., Ltd.
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