On February 3, Japanese steelmaker Kobe Steel announced the merger of its wholly-owned subsidiary Kobelco Accounting Service Co., Ltd into the parent company effective from April 1, 2011.
Kobe Steel said in its statement that, at its board of directors' meeting convened on February 3, 2011, it took the decision to absorb its accounting subsidiary into Kobe Steel.
"Merging Kobelco Accounting Service into Kobe Steel will integrate operations by improving business efficiency, facilitating communication, and maintaining stable profits," Kobe Steel pointed out, adding that the merger will have no effect on the consolidated business results of Kobe Steel.