Ube Industries to Dissolve Real Estate and Development Subsidiary in Yamaguchi Prefecture

2021/01/22 News Release

TOKYO, January 22, 2021 -- Ube Industries, Ltd., today announced that it will dissolve its subsidiary Ube Realty & Development Co., Ltd. as well as Nishi-Nihon Green Recycle Co., Ltd., which is wholly owned by Ube Realty & Development, effective March 31, 2021. The dissolution of the subsidiaries will have minimal impact on the consolidated business results of Ube Industries for the year ending March 31, 2021.

Ube Realty & Development previously operated a golf course business (Ube 72 Country Club) and continues to operate an adjacent hotel business (Ube 72 Ajisu Spa Hotel) and plant waste service (encompassing West Japan Green Recycle).

In March 2020, Ube Realty & Development conducted a split-up and transfer of the golf course business to Ichikawa Kogyo K.K. in order to further improve user services and for the medium- and long-term development of the business.

Of the two remaining businesses, the hotel business is facing a decline in visitors and the property itself (Ube 72 Ajisu Spa Hotel) is aging, so that earnings are not projected to recover. The plant waste service mainly processed logs cleared from the golf course and no longer has a reason to operate with the transfer of the golf course to a new owner.

Without prospects for a recovery in earnings due to the aforementioned poor business conditions, Ube Industries carefully weighed the prospects for the survival of Ube Realty & Development and decided to dissolve and liquidate the company.

With the dissolution of Ube Realty & Development, Ube Industries determined that it was not feasible to continue operating West Japan Green Recycle, the wholly-owned subsidiary of Ube Realty & Development that managed the disposal of plant and tree waste from the golf course and landscaping projects. Accordingly, Ube Industries decided to dissolve and liquidate the company.

Data for Ube Realty & Development Co., Ltd.

Head Office Location 7373-1, Ajisu, Yamaguchi City, Yamaguchi Prefecture
Established September 1966
Capital 100 million yen
Representative Kenya Harashiima
Business Description Hotel operation, real estate management, and landscaping services
Shareholder Ube Industries, Ltd. (100%)

Data for Nishi-Nihon Green Recycle Co., Ltd.

Head Office Location 12423-99, Ajisu, Yamaguchi City, Yamaguchi Prefecture
Established January 2002
Capital 70 million yen
Representative Kenya Harashima
Business Description Separation, collection, and processing of plant waste
Shareholder Ube Realty & Development Co., Ltd. (100%)

Contact

For inquiries please contact
  • Ube Industries, Ltd.
  • General Affairs & Public Relations Group
  • Seavans North Building, 1-2-1 Shibaura, Minato-ku, Tokyo 105-8449
  • Phone : +81-3-5419-6110