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FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
REPORT OF FOREIGN ISSUER
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the month of October, 1999
COMMISSION FILE NUMBER: 1-7239
KOMATSU LTD.
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Translation of registrant's name into English
3-6 Akasaka 2-chome, Minato-ku, Tokyo, Japan
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Address of principal executive offices
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INFORMATION TO BE INCLUDED IN REPORT
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1. One company announcement made on September 28, 1999.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
KOMATSU LTD.
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(Registrant)
Date: October 1, 1999 By: /s/ Masaru Fukase
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Masaru Fukase
Senior Executive
Officer
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Komatsu Ltd.
No. 38(1572)
Phone: +81(0)3-5561-2616
Fax: +81(0)3-3505-9662
URL: http://www.komatsu.com/
September 28th, 1999
KOMATSU TO SELL INTEREST IN APPLIED KOMATSU TECHNOLOGY
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Komatsu has signed a letter of intent to sell its 50% interest in Applied
Komatsu Technology, Inc. (AKT), a 50-50 joint venture with Applied Materials,
Inc., to the American partner and convert it into a 100% Applied Materials-owned
subsidiary. Transfer of the shares is scheduled to take place at the end of
October.
Applied Komatsu Technology was formed in September 1993 as a 50-50 joint
venture between Applied Materials, Inc. and Komatsu Ltd. The company develops,
manufactures and markets fabrication equipment used to produce Flat Panel
Displays (FPDs), which are mainly used for portable computer displays.
Like other semiconductor-related markets, the FPD market represents a
leading-edge business arena where technological innovation takes place at
dazzling speeds. Hence, making constant, large-scale R&D investments is
indispensable to beat the competition. The market is also typically cyclical in
nature with considerable ups and downs, which resulted in AKT recording a
significant loss in fiscal 1998.
Nonetheless, there still remains continued growth potential in the market,
albeit to a size less than expected at the time of founding AKT, with the center
of gravity shifting from Japan to Korea and Taiwan. Such fierce changes in the
business environment have called for quicker, flexible management judgment on
AKT.
In that context, Komatsu and Applied Materials have had a series of
repeated discussions on the future directions of AKT since last fall, leading to
a conclusion that the best option is for Applied Materials to acquire Komatsu's
entire holding and make AKT its wholly-owned subsidiary. Hence, reaching this
agreement.
Upon the transfer of ownership, Applied Materials will succeed all business
of AKT, whereby relations with the AKT's customers and other concerned parties
will remain intact.
Outline of Applied Komatsu Technology, Inc. (AKT)
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Location: 5-133, Hattori Kotobuki-cho, Toyonaka,
Osaka 561-0857, JAPAN
Established: September, 1993
Capitalization: (Y)2,929 million (as of the end of May, 1999)
Representative Director: Howard Neff
No. of Employees: 333 (as of July, 1999)
Line of Business: Manufacture and sale of liquid crystal panel
manufacturing equipment
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