OSAKA, JAPAN (Feb. 24, 1 p.m. ET) — Japanese owned Arrk Corp. plans to sell off its central European plastics injection and blow molding subsidiary Arrk Hungary as part of a group restructuring process.
Arrk Hungary of Tiszaujvaros, northeast of Budapest, produces a range of technical molded components for the car, electronics, telecoms and chemical industries. It runs 11 injection machines with clamping forces ranging from 80-650 metric tons and 5 blow molding machines.
The sale of the Hungarian firm's stock is set to net Arrk a profit of around 235,200 euros towards income for the fourth quarter of the fiscal year to March 2012.
Arrk Product Development Group, a global rapid product development specialist offering a wide range of prototyping, tooling and molding services, has other molding, tooling and prototyping plants units in Europe, Asia and North America.
Osaka-based Arrk has other European facilities in Germany, France, the United Kingdom and the Netherlands and a number of plants in Japan. Its restructuring plan is understood to include a gradual disposal of non-core operations cutting the overall number of subsidiaries to less than 40 by March 2014.