Ikuyo completes Kunshan Veritas Automotive Systems acquisition

Ikuyo (TSE:7273) announced today the completion of its acquisition of a 51% stake in Kunshan Veritas Automotive Systems Co., Ltd., converting it into a subsidiary. The share transfer was executed on April 15, 2025, following previous announcements on September 25, 2024, January 17, 2025 and March 26, 2025. Kunshan Veritas Automotive Systems will be consolidated into Ikuyo's financial results starting from the fiscal year ending March 2026. For the year ended December 2023, Kunshan Veritas Automotive Systems reported sales of JPY13,701 million, an operating profit of JPY1,820 million, and a net profit of JPY1,629 million. Ikuyo is still assessing the overall impact of the acquisition on its financial performance.