Noritz to acquire component supplier Ogihara through share exchange

Noritz Corporation, a manufacturer of housing equipment and facilities, announced its decision on November 19, 2025, to make OGIHARA MFG.CO., Ltd. a subsidiary. This move aims to enhance Noritz's earning power through vertical integration, improve quality management systems, and establish a stable supply structure for core water heater components. Ogihara, an unlisted company founded in 1946, is a long-standing manufacturing component supplier to Noritz.

Under the agreement, Noritz will allot 12.05 common shares for every 1 common share of Ogihara, with the exchange scheduled to be effective on December 19, 2025. This transaction is anticipated to be treated as an acquisition under accounting standards, with the amount of goodwill yet to be determined. Noritz expects the partial share exchange to have only a minor impact on its consolidated financial results.