Taiyo Fund Takes Significant Stake in ULVAC Inc. (6728) to Over 5%
TOKYO, Sept. 11 /PRNewswire/ — The Taiyo Fund announced today that it has accumulated a position in excess of 5% in ULVAC Inc. (6728) to become its second largest shareholder. The Taiyo Fund is known for its cooperative investment style working with senior management to enhance shareholder value.
Brian K. Heywood, Chief Executive Officer and Managing Partner of Taiyo Pacific Partners, said, “We are impressed by management’s foresight to leverage its core expertise in LCD and SPE applications to the emergent solar cell, LED, touch panel, and hybrid car related markets. As a global leader in production equipment for multiple alternative energy technologies, ULVAC is very well placed to benefit from the increasing capital and brainpower flowing into these new areas. The most exciting years for the company are ahead and we are confident management will continue to create value for shareholders.”
Wilbur L. Ross Jr., Chairman of the Taiyo Fund investment committee said, “ULVAC has distinguished itself as a top supplier worldwide of critical upstream equipment to various high-tech industries. In addition to top-line growth, we positively view management’s commitment to enhancing profitability via production and design reforms and an emphasis on providing user-friendly turnkey systems for clients.”
Mr. Hidenori Suwa, President of ULVAC commented, “We recognize that Taiyo Fund is a friendly long term investor and we are honored to be selected among many excellent companies for their portfolio. Going forward, we are committed to not only actively developing our solar cell and environmental technologies, but also expanding beyond ‘equipment and vacuum technology’ as a critical driver of our future business growth.”
The Taiyo Fund was organized in July 2003 with an initial equity investment of $200 million by CalPERS, the State of California Public Employees Retirement System. The Fund currently has over $1.2 billion under management. The Fund is co-managed by Taiyo Pacific Partners LP and by WL Ross & Co. LLC. Taiyo Pacific Partners, located in Monterey, California, was founded in 2003 by bilingual professionals dedicated to friendly shareholder activism in Japan.
SOURCE WL Ross & Co.