ST Corp. (TYO:4951) will absorb its logistics subsidiary, ST Business Support, on July 1 to streamline operations and improve productivity, according to a Wednesday filing on the Tokyo Stock Exchange.
The simplified merger requires no shareholder approval and involves no share issuance or cash payout.
The unit, fully owned by ST Corp, posted 1 billion yen in sales and 29 million yen in profit for the year ended March.
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