Olympus 2009 Annual Report Download - page 63

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61
(e) In order to ensure more flexibility and speed in implementing its financial strategy, the directors’ meeting held on May 25, 2009
approved the reduction of its legal capital surplus for transfer to other capital surplus pursuant to the provision of Paragraph 1, Article 448
of the Japanese Corporate Law.
1. Amount of legal capital surplus reduced and transferred to other capital surplus: ¥50,000 million (US$526 million)
2. Effective date of reduction in legal capital surplus: July 3, 2009
After the above reduction and transfer, other capital surplus, reserve for product development and general reserve were reduced and
transferred to retained earnings carried forward pursuant to the provision of Article 452 of the Japanese Corporate Law. This accounting
procedure had no affect on net assets on the consolidated balance sheets.
(Decrease of Surplus)
1. Amount of other capital surplus reduced: ¥14,325 million (US$151 million)
2. Amount of reserve for product development reduced: ¥4,000 million (US$42 million)
3. Amount of general reserve reduced: ¥59,069 million (US$622 million)
(Increase of Surplus)
4. Amount transferred to retained earnings carried forward: ¥77,394 million (US$815 million)
27. ADDITIONAL INFORMATION
At the directors’ meeting held on February 27, 2009, the Company resolved to divest its diagnostic systems business to Beckman Coulter
Group, whose head office is Beckman Coulter, Inc. (“Beckman”) located in California in the United States. The divestiture is scheduled for
August 1, 2009.
1. Purpose of the divestiture
The business environment of the diagnostic system business has been changing rapidly in the competitive environment due to
increase of new entries into the market from other business areas and M&A in addition to giant competitors with huge amounts of
capital during recent years. Under these circumstances, the Company decided to divest diagnostic systems business to Beckman
Coulter Group in order to make effective use of its technology assets and know-how developed over many years.
2. Details of the divestiture
(1) The business to be divested: Diagnostic systems business of the Company and its groups.
(2) Transfer Price (plan): ¥77,500 million (US$816 million)
3. Overview of Beckman Coulter Group
(1) Trading name: Beckman Coulter, Inc.
(2) Representative: Scott Garrett (CEO)
(3) Address: California, U.S.A.
(4) Common stock: US$6.9 million
(5) Principal activities: Manufacture and sale of biomedical testing instrument systems
(6) Relationship to the Company: None