June 12, 2017
Tokyo- Auto parts maker Nifco Inc. said Monday it will sell wholly-owned subsidiary Japan Times Ltd., a major English-language newspaper publisher, to News2u Holdings Inc., a Tokyo-based company that distributes corporate and other information on the Internet.
Nifco will sell all shares in Japan Times to News2u Holdings for an undisclosed sum.
The sale will be completed in late June.
Founded in 1897, Tokyo-based Japan Times publishes The Japan Times, the oldest English-language newspaper in the country. The newspaper marked its 120th anniversary in March.
Nifco, a Yokosuka, Kanagawa Prefecture-based manufacturer of plastic parts and components for automobiles and home electronic appliances, took control of Japan Times in 1996.
The company decided to sell the publisher as it no longer expects the newspaper business to generate synergy with its core operations, a spokesman said. (Jiji Press)
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