May. 25, 2015

ITOKI Signs Joint Venture Agreement with Modernform Thai to Reinforce Sales in the ASEAN Region and Accelerate Global Development

ITOKI Corporation (HQ: Osaka, President: Hirai Yoshiro, hereinafter “ITOKI”) and Modernform Group Public Company Limited (hereinafter “Modernform”), which is the leading furniture company in Thailand, have reached a mutually beneficial agreement to jointly establish ITOKI MODERNFORM CO., LTD.

Originally, ITOKI used ITOKI (Thailand) Co., Ltd.※1 (established in 2007) to primarily target Japanese companies in Thailand and neighboring countries. In order to also develop local markets in Thailand and the Mekong River region, ITOKI entered into a business alliance with Modernform in March 2014.

ITOKI MODERNFORM CO., LTD. is positioned to deepen the business alliance by cross-selling the products of both companies, co-producing Joyten products in Thailand, and accelerating business in Thailand and the Mekong River area (Myanmar, Laos, Cambodia, and Vietnam). Due to the establishment of AEC※2, there is a market of 600 million people for us to approach and develop in our aim to make a difference.

*1 ITOKI (Thailand) Co., Ltd. is in the process of liquidation. From now on, all business targeting Japanese firms in the area will also be handled by ITOKI MODERNFORM CO., LTD.
*2 The ASEAN Economic Community is scheduled to be launched at the end of 2015.

New Company Name
ITOKI MODERNFORM CO., LTD.
Location
699 Srinakarindr Rd., Suan Luang, Bangkok 10250 Thailand
Registered Capital
15 million baht
Capital Ratio
49:49:2
(ITOKI CORPORATION: Modernform: Japanese Investment Banks)
Business Scope
Office furniture, laboratory equipment, other facilities, interior construction, electric installation, export and import
Sales Target
First year 112 million baht (about 400 million yen), 2019 (year) 280 million baht (about 1 billion yen)
Managing Director
Onodera Shigehito (ITOKI)
Date of Registration
April 16, 2015
Modernform Group Public Company Limited Information
Schedule to start business operation at the above location on July 1, 2015.
ITOKI (Thailand) Co., Ltd. is scheduled to start liquidation this year.

Modernform Group Public Company Limited Information

Location
699 Srinakarindr Rd., Suan Luang, Bangkok 10250 Thailand
President
Thaksa Busayapoka CEO
Founded
1980
Employees
2,435
Registered Capital
809 million baht
Business Scope
Office furniture, home furniture and others
Total Sales
4,294 million baht
Net Profit
785 million baht (2014 Business Performance, 1 baht =3.56 yen)

For inquiries about this press release, please contact:

Communicator
International Division, ITOKI CORPORATION
Phone
Tel: +81-3-3206-6338
Fax: +81-3-3206-6016

* The information contained herein is valid as of the date of release and is subject to change without notice.