TOKYO, Japan, August 4, 2022 – Honda Motor Co., Ltd. (Honda) today announced the signing of an agreement to transfer all shares of Honda Lock Mfg. Co., Ltd. (Honda Lock), a fully consolidated company. subsidiary of Honda, to MinebeaMitsumi Inc., a manufacturer of machinery components and electronic devices.
Amid major changes in the business environment, Honda is working to optimize its business portfolio to better leverage the strengths of each individual Honda business, including those of its consolidated subsidiaries. As a result of studying Honda Lock’s future growth potential, including the advancement of its key products in electronics, Honda has concluded that Honda Lock will experience further growth in the future by operating within of the MinebeaMitsumi Group, which has strengths in technologies and value creation in a wide range of industries and technology areas beyond automotive components. Based on this assessment, Honda has decided to proceed with this stock transfer, which is expected to be completed before the end of 2022, after following various transfer procedures, including obtaining regulatory approvals.