Miyano to become wholly owned subsidiary of Citizen

An entry in the report says: "Miyano Machinery Inc and its subsidiaries became consolidated subsidiaries, as a result of an additional share purchase from the consolidated fiscal year under review." Miyano Machinery Inc itself has nine consolidated subsidiaries and 46 overseas consolidated subsidiaries. Elsewhere, the report adds: "Miyano Machinery Inc has been made into a consolidated subsidiary and is no longer considered an equity method affiliate." Citizen Holdings had previously increased its shareholding in Miyano machinery Inc to 65.8%. In a separate report, http://e.nikkei.com reports that Miyano is to become a wholly owned subsidiary, with Citizen Holdings allocating 0.19 of one of its shares for each Miyano Machinery share, as of Oct 1. Miyano Machinery Inc stock will be delisted from the Tokyo Stock Exchange's second section on Sept 28. Citizen Machinery Co and fixed-head bar machine specialist Miyano Machinery Inc both now reside as subsidiaries within Citizen Holding's industrial machinery segment. The Citizen Group consists of Citizen Holdings and its 127 subsidiaries and eight affiliates. The Group companies are mainly engaged in production and sales in four business segments: watches and clocks; electronic devices; electronic products; and industrial machinery. According to Citizen Holding's annual report, total sales for 2009/2010 was ¥252.5 billion (£1.9 billion) versus the previous fiscal year's ¥297 billion (£2.2 billion), with its industrial machinery sector delivering ¥21.3 billion (£159 million) versus ¥33.2 billion (£248 million), a drop of 36%.